, , , . . : ( ); ( ).
33. - , .
.
. :
( );
( ).
. D . , ,
, , : D, D - d, D - 2 d .. , . g. Dg, (D d) g,(D 2 d) g .. , , Dg -dg.
Y 1 = D 0 g + d.
t :
Yt = Dt - 1 g + d; t = l, 2,..., n, (7.8)
Dt t, D 0= D.
, g/p, :
(7.9)
t:
. . , . , , .
Y = Dt - 1 g + Rt = const.
, . . .
. . , . .
Y . ,
(7.10)
an ; g g .
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, , Y . .
d 1 = y - d 0 g.
, , :
dt = dt- 1(1 + g). (7.11)
.
:
d 1; d 1(l + g);...; d 1(l + g) n - 1.
, t ( ):
(7.12)
st;g .
35. . - , - , .
, , , , , , .
, , , , .
: , , [6].
- , - . ("") , .. , (""). , . "" "" [13].
. () , . "" ,
36. . . (coupon rate), (current, running yield) (yield to maturity, redemption yield, yield).
, , , . . . . , . , "". , . . , , , , , . , .
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