C为什么不对

问题如下：

Other things equal, equilibrium price-to-earnings ratios (P/Es) will most likely decrease if:

选项：

A.

real interest rates decrease.

B.

inflation is expected to increase.

C.

there is less uncertainty about future inflation.

解释：

B is correct.

Other things being equal, an increase in inflation expectations would result in lower equity prices relative to current earnings. This would result in lower equilibrium P/E ratios.

考点：equity risk premium

解析：

A, 影响P/E中的P。P可以通过未来现金流折现求和计算， real interest rates 的减小使得分母折现率减小，因此P变大，P/E变大。

B，与A同理，影响分母折现率，因此P变小，P/E变小。

C，影响分母折现率，因此P变大，P/E变大。