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The Fisher Effect States the Relationship Between the Nominal Rate

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Essay

The Fisher Effect states the relationship between the nominal rate (r),the real rate (r*),and inflation (h).Suppose r= 5% and h = 4%.Many would say that the nominal rate is 9%.Is this true? Explain in terms of the relationship between the real rate and the inflation rate over time.


Definitions:

Nominal Yield

The nominal yield of a bond or other fixed-income investment is the interest rate stated on the financial instrument, which does not account for inflation or the compounding of interest.

Semiannual Interest Payments

These are interest payments made twice a year on a financial instrument, such as a bond.

Coupon Rate

The annual interest rate paid by a bond's issuer to its bondholders, usually expressed as a percentage of the face value.

Face Value

The nominal or dollar value printed on a stock, bond, or other financial instrument, representing its legal value.

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