{"id":1424,"date":"2024-05-12T18:43:06","date_gmt":"2024-05-12T18:43:06","guid":{"rendered":"https:\/\/eoninvestment.com\/?p=1424"},"modified":"2025-01-29T13:53:38","modified_gmt":"2025-01-29T09:53:38","slug":"unbiased-expectations-theory","status":"publish","type":"post","link":"https:\/\/eoninvestment.com\/ka\/2024\/05\/12\/unbiased-expectations-theory\/","title":{"rendered":"Unbiased Expectations Theory"},"content":{"rendered":"\n

Unbiased Expectations Theory<\/strong> – What are the market’s expectations regarding interest rates?<\/p>\n\n\n\n

The Unbiased Expectations Theory essentially states that long-term interest rates are determined by the expected short-term interest rates for each subsequent period.<\/p>\n\n\n\n

The intuitive reasoning is as follows: if an investor expects that interest rates on one-year bonds will increase in each subsequent period and they can buy one-year bonds each period, then the current spot rate for a five-year bond should ensure a return that is in parity with these expectations.<\/p>\n\n\n\n

You can find actual figures about the rates at the following link:<\/p>\n\n\n\n

https:\/\/markets.ft.com\/data\/bonds<\/a><\/p>\n\n\n\n

*Financial Markets and Institutions – by A. Saunders, M. Cornett & O. Erhemjamts<\/p>\n\n\n\n

—————————————————————————————————–<\/p>\n\n\n\n

Unbiased Expectations Theory – \u10e0\u10d0 \u10db\u10dd\u10da\u10dd\u10d3\u10d8\u10dc\u10d8 \u10d0\u10e5\u10d5\u10e1 \u10d1\u10d0\u10d6\u10d0\u10e0\u10e1 \u10e1\u10d0\u10de\u10e0\u10dd\u10ea\u10d4\u10dc\u10e2\u10dd \u10d2\u10d0\u10dc\u10d0\u10d9\u10d5\u10d4\u10d7\u10d4\u10d1\u10d8\u10e1 \u10db\u10d8\u10db\u10d0\u10e0\u10d7?

\u10dd\u10d1\u10d8\u10d4\u10e5\u10e2\u10e3\u10e0\u10d8 \u10db\u10dd\u10da\u10dd\u10d3\u10d8\u10dc\u10d4\u10d1\u10d8\u10e1 \u10d7\u10d4\u10dd\u10e0\u10d8\u10d0, \u10e8\u10d8\u10dc\u10d0\u10d0\u10e0\u10e1\u10dd\u10d1\u10e0\u10d8\u10d5\u10d0\u10d3 \u10d0\u10db\u10d1\u10dd\u10d1\u10e1 \u10d4\u10e1\u10d4\u10d7 \u10e0\u10d0\u10db\u10d4\u10e1: \u10d2\u10e0\u10eb\u10d4\u10da\u10d5\u10d0\u10d3\u10d8\u10d0\u10dc\u10d8 \u10e1\u10d0\u10de\u10e0\u10dd\u10ea\u10d4\u10dc\u10e2\u10dd \u10d2\u10d0\u10dc\u10d0\u10d9\u10d5\u10d4\u10d7\u10d4\u10d1\u10d8 \u10d3\u10d0\u10db\u10dd\u10d9\u10d8\u10d3\u10d4\u10d1\u10e3\u10da\u10d8\u10d0 \u10db\u10dd\u10d9\u10da\u10d4\u10d5\u10d0\u10d3\u10d8\u10d0\u10dc\u10d8 \u10e1\u10d0\u10de\u10e0\u10dd\u10ea\u10d4\u10dc\u10e2\u10dd \u10d2\u10d0\u10dc\u10d0\u10d9\u10d5\u10d4\u10d7\u10d4\u10d1\u10d8\u10e1 \u10db\u10dd\u10da\u10dd\u10d3\u10d8\u10dc\u10d4\u10d1\u10d6\u10d4 \u10e7\u10dd\u10d5\u10d4\u10da \u10db\u10dd\u10db\u10d3\u10d4\u10d5\u10dc\u10dd \u10de\u10d4\u10e0\u10d8\u10dd\u10d3\u10e8\u10d8.

\u10d8\u10dc\u10e2\u10e3\u10d8\u10ea\u10d8\u10e3\u10e0\u10d8 \u10db\u10e1\u10ef\u10d4\u10da\u10dd\u10d1\u10d0 \u10d0\u10e1\u10d4\u10d7\u10d8\u10d0: \u10d7\u10e3 \u10d8\u10dc\u10d5\u10d4\u10e1\u10e2\u10dd\u10e0\u10e1 \u10d0\u10e5\u10d5\u10e1 \u10db\u10dd\u10da\u10dd\u10d3\u10d8\u10dc\u10d8 \u10e0\u10dd\u10db \u10e1\u10d0\u10de\u10e0\u10dd\u10ea\u10d4\u10dc\u10e2\u10dd \u10d2\u10d0\u10dc\u10d0\u10d9\u10d5\u10d4\u10d7\u10d4\u10d1\u10d8 \u10d4\u10e0\u10d7 \u10ec\u10da\u10d8\u10d0\u10dc \u10d1\u10dd\u10dc\u10d3\u10d4\u10d1\u10d6\u10d4 \u10e7\u10dd\u10d5\u10d4\u10da \u10db\u10dd\u10db\u10d3\u10d4\u10d5\u10dc\u10dd \u10de\u10d4\u10e0\u10d8\u10dd\u10d3\u10e8\u10d8 \u10d2\u10d0\u10d8\u10d6\u10e0\u10d3\u10d4\u10d1\u10d0, \u10d3\u10d0 \u10e8\u10d4\u10e3\u10eb\u10da\u10d8\u10d0 \u10e7\u10dd\u10d5\u10d4\u10da \u10db\u10dd\u10db\u10d3\u10d4\u10d5\u10dc\u10dd \u10de\u10d4\u10e0\u10d8\u10dd\u10d3\u10e8\u10d8 \u10d8\u10e7\u10d8\u10d3\u10dd\u10e1 \u10d4\u10e0\u10d7-\u10ec\u10da\u10d8\u10d0\u10dc\u10d8 \u10d1\u10dd\u10dc\u10d3\u10d4\u10d1\u10d8, \u10db\u10d0\u10e8\u10d8\u10dc 5 \u10ec\u10da\u10d8\u10d0\u10dc\u10d8 \u10d1\u10dd\u10dc\u10d3\u10d8\u10e1 \u10db\u10d8\u10db\u10d3\u10d8\u10dc\u10d0\u10e0\u10d4 \u10d2\u10d0\u10dc\u10d0\u10d9\u10d5\u10d4\u10d7\u10d8 (spot rate) \u10e3\u10dc\u10d3\u10d0 \u10e3\u10d6\u10e0\u10e3\u10dc\u10d5\u10d4\u10da\u10e7\u10dd\u10e4\u10d3\u10d4\u10e1 \u10de\u10d0\u10e0\u10d8\u10e2\u10d4\u10e2\u10e3\u10da \u10e3\u10d9\u10e3\u10d2\u10d4\u10d1\u10d0\u10e1.

\u10e0\u10d4\u10d0\u10da\u10e3\u10e0\u10d8 \u10ea\u10d8\u10e4\u10e0\u10d4\u10d1\u10d8 \u10d2\u10d0\u10dc\u10d0\u10d9\u10d5\u10d4\u10d7\u10d4\u10d1\u10d8\u10e1 \u10e8\u10d4\u10e1\u10d0\u10ee\u10d4\u10d1 \u10e8\u10d4\u10d2\u10d8\u10eb\u10da\u10d8\u10d0\u10d7 \u10dc\u10d0\u10ee\u10dd\u10d7 \u10d1\u10db\u10e3\u10da\u10d6\u10d4:
https:\/\/markets.ft.com\/data\/bonds<\/a><\/p>\n\n\n\n

\"\"<\/a><\/figure>\n\n\n\n

*Financial Markets and Institutions – by A. Saunders, M. Cornett & O. Erhemjamts<\/p>\n","protected":false},"excerpt":{"rendered":"

Unbiased Expectations Theory – What are the market’s expectations regarding interest rates? The Unbiased Expectations Theory essentially states that long-term interest rates are determined by the expected short-term interest rates for each subsequent period. The intuitive reasoning is as follows: if an investor expects that interest rates on one-year bonds will increase in each subsequent […]<\/p>\n","protected":false},"author":12998525,"featured_media":1425,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_crdt_document":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[774675918,37048],"tags":[4269,998075,6635],"class_list":{"0":"post-1424","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-financial-markets-and-institutions-by-a-saunders-m-cornett-o-erhemjamts","8":"category-interest-rates","9":"tag-finance","10":"tag-interest-rate","11":"tag-investing","13":"fallback-thumbnail"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/1706426206352.jpeg?fit=800%2C483&ssl=1","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pQZ85-mY","_links":{"self":[{"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/posts\/1424","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/users\/12998525"}],"replies":[{"embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/comments?post=1424"}],"version-history":[{"count":4,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/posts\/1424\/revisions"}],"predecessor-version":[{"id":5882,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/posts\/1424\/revisions\/5882"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/media\/1425"}],"wp:attachment":[{"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/media?parent=1424"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/categories?post=1424"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/tags?post=1424"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}