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Financial Theory


  • 1:12:14 17. Callable Bonds And The Mortgage Prepayment Option

    17. Callable Bonds And The Mortgage Prepayment Option

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    Financial Theory (ECON 251) This lecture is about optimal exercise strategies for callable bonds, which are bonds bundled with an option that allows the borr...

  • 1:19:14 16. Backward Induction And Optimal Stopping Times

    16. Backward Induction And Optimal Stopping Times

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    Financial Theory (ECON 251) In the first part of the lecture we wrap up the previous discussion of implied default probabilities, showing how to calculate th...

  • 1:12:30 20. Dynamic Hedging

    20. Dynamic Hedging

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    Financial Theory (ECON 251) Suppose you have a perfect model of contingent mortgage prepayments, like the one built in the previous lecture. You are willing ...

  • 1:12:06 18. Modeling Mortgage Prepayments And Valuing Mortgages

    18. Modeling Mortgage Prepayments And Valuing Mortgages

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    Financial Theory (ECON 251) A mortgage involves making a promise, backing it with collateral, and defining a way to dissolve the promise at prearranged terms...

  • 1:10:12 26. The Leverage Cycle And Crashes

    26. The Leverage Cycle And Crashes

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    Financial Theory (ECON 251) In order to understand the precise predictions of the Leverage Cycle theory, in this last class we explicitly solve two mathemati...

  • 1:12:22 13. Demography And Asset Pricing: Will The Stock Market Decline When The Baby Boomers Retire?

    13. Demography And Asset Pricing: Will The Stock Market Decline When The Baby Boomers Retire?

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    Financial Theory (ECON 251) In this lecture, we use the overlapping generations model from the previous class to see, mathematically, how demographic changes...

  • 1:09:38 10. Dynamic Present Value

    10. Dynamic Present Value

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    Financial Theory (ECON 251) In this lecture we move from present values to dynamic present values. If interest rates evolve along the forward curve, then the...

  • 1:12:34 12. Overlapping Generations Models Of The Economy

    12. Overlapping Generations Models Of The Economy

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    Financial Theory (ECON 251) In order for Social Security to work, people have to believe there's some possibility that the world will last forever, so that e...

  • 1:16:12 8. How A Long-Lived Institution Figures An Annual Budget. Yield

    8. How A Long-Lived Institution Figures An Annual Budget. Yield

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    Financial Theory (ECON 251) In the 1990s, Yale discovered that it was faced with a deferred maintenance problem: the university hadn't properly planned for i...

  • 1:12:21 11. Social Security

    11. Social Security

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    Financial Theory (ECON 251) This lecture continues the analysis of Social Security started at the end of the last class. We describe the creation of the syst...

  • 1:15:07 9. Yield Curve Arbitrage

    9. Yield Curve Arbitrage

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    Financial Theory (ECON 251) Where can you find the market rates of interest (or equivalently the zero coupon bond prices) for every maturity? This lecture sh...

  • 1:14:10 24. Risk, Return, And Social Security

    24. Risk, Return, And Social Security

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    Financial Theory (ECON 251) This lecture addresses some final points about the CAPM. How would one test the theory? Given the theory, what's the right way to...

  • 1:16:07 22. Risk Aversion And The Capital Asset Pricing Theorem

    22. Risk Aversion And The Capital Asset Pricing Theorem

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    Financial Theory (ECON 251) Until now we have ignored risk aversion. The Bernoulli brothers were the first to suggest a tractable way of representing risk av...

  • 1:11:29 4. Efficiency, Assets, And Time

    4. Efficiency, Assets, And Time

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    Financial Theory (ECON 251) Over time, economists' justifications for why free markets are a good thing have changed. In the first few classes, we saw how un...

  • 1:14:31 3. Computing Equilibrium

    3. Computing Equilibrium

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    Financial Theory (ECON 251) Our understanding of the economy will be more tangible and vivid if we can in principle explain all the economic decisions of eve...

  • 1:04:10 14. Quantifying Uncertainty And Risk

    14. Quantifying Uncertainty And Risk

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    Financial Theory (ECON 251) Until now, the models we've used in this course have focused on the case where everyone can perfectly forecast future economic co...

  • 1:14:17 1. Why Finance?

    1. Why Finance?

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    Financial Theory ECON 251 This lecture gives a brief history of the young field of financial theory, which began in business schools quite separate from econ...

  • 1:16:30 25. The Leverage Cycle And The Subprime Mortgage Crisis

    25. The Leverage Cycle And The Subprime Mortgage Crisis

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    Financial Theory (ECON 251) Standard financial theory left us woefully unprepared for the financial crisis of 2007-09. Something is missing in the theory. In...

  • 1:14:17 1. Why Finance?

    1. Why Finance?

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    Financial Theory ECON 251 This lecture gives a brief history of the young field of financial theory, which began in business schools quite separate from econ...

  • 1:08:33 1. Introduction: Five First Lessons

    1. Introduction: Five First Lessons

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    Game Theory (ECON 159) We introduce Game Theory by playing a game. We organize the game into players, their strategies, and their goals or payoffs; and we le...

  • 1:19:18 19. History Of The Mortgage Market: A Personal Narrative

    19. History Of The Mortgage Market: A Personal Narrative

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    Financial Theory (ECON 251) Professor Geanakoplos explains how, as a mathematical economist, he became interested in the practical world of mortgage securiti...

  • 1:16:05 23. The Mutual Fund Theorem And Covariance Pricing Theorems

    23. The Mutual Fund Theorem And Covariance Pricing Theorems

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    Financial Theory (ECON 251) This lecture continues the analysis of the Capital Asset Pricing Model, building up to two key results. One, the Mutual Fund Theo...

  • 1:13:42 21. Dynamic Hedging And Average Life

    21. Dynamic Hedging And Average Life

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    Financial Theory (ECON 251) This lecture reviews the intuition from the previous class, where the idea of dynamic hedging was introduced. We learn why the cr...

  • 1:10:56 6. Irving Fisher's Impatience Theory Of Interest

    6. Irving Fisher's Impatience Theory Of Interest

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    Financial Theory (ECON 251) Building on the general equilibrium setup solved in the last week, this lecture looks in depth at the relationships between produ...

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