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下一站画海 · 2022年08月28日

government bond risk premium

NO.PZ2015121810000043

问题如下:

Which of the following financial assets is likely to offer the most effective hedge against bad consumption outcomes?

选项:

A.

Equities.

B.

Short-dated, default-free government bonds.

C.

Long-dated, default-free government bonds.

解释:

B is correct.

The relative certainty about the real payoff from short-dated, default-free government bonds, and therefore the relative certainty about the amount of consumption that the investor will be able to undertake with the payoff, indicates that an investment in such bonds would be a good hedge against bad consumption outcomes.  

考点:default-free interest rates and economic growth

解析:consumption outcomes可以理解为实体经济,所以问的是哪一个可以对冲实体经济衰退。那就是短期国债。

因为经济差,股票表现也差,A错。而相对于长期国债,短期国债风险更小,所以短期国债是比较好的对冲经济衰退的工具。

government bond risk premium are positive and related to the consumption hedging benefit of government bond这句话是什么意思,怎么理解呢?

1 个答案

星星_品职助教 · 2022年08月29日

同学你好,

没有在题目和解析中找到提问中的这句话,请标明这句话的提问背景及来源。

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