发达或者发展中国家，会影响结果吗？讲义里没提到这点

NO.PZ2018091901000051 问题如下 Neshie Wakuluk is investment strategist who termines whether any austments neeto ma to her initiestimates of the respective aggregate economic growth tren baseon historicrates of growth for Countries X anY (both velopemarkets) anCountry Z (a veloping market). Exhibit 1 summarizes Wakuluk’s prections: Wakuluk assumes short-term interest rates aust with expecteinflation anare procyclical.Baseon Exhibit 1, whcapitmarket effeis Country Z most likely to experienin the short-term? A.Cyclicassets attrainvestors. Monetary policybecomes restrictive. C.The yielcurve steepens substantially. B is correct.Wakuluk’s mol prects thCountry Z’s business cycle is currently in the late upswing phase. In the late upswing phase, interest rates are typically rising monetary polibecomes more restrictive. Cyclicassets munrperform, wherethe yielcurve is expecteto continue to flatten.解析依据Wakuluk的模型预测，Z国的商业周期目前处于后期上升阶段。在上升阶段的后期，利率通常会随着货币政策的收紧而上升。所以B正确周期性资产可能表现不佳，而收益率曲线预计将继续趋平。所以AC的说法都有误。 题目说yielcurve flatten substantially. 如果这里说yielcurve continues to flatten，应该就对了，是不是没有任何一个phase, yielcurve 是substantially flattene的呢？见到这个表达应该就是不正确的？yielcurve change substantially的应该只有contraction中的steepen substantially？

NO.PZ2018091901000051问题如下Neshie Wakuluk is investment strategist who termines whether any austments neeto ma to her initiestimates of the respective aggregate economic growth tren baseon historicrates of growth for Countries X anY (both velopemarkets) anCountry Z (a veloping market). Exhibit 1 summarizes Wakuluk’s prections: Wakuluk assumes short-term interest rates aust with expecteinflation anare procyclical.Baseon Exhibit 1, whcapitmarket effeis Country Z most likely to experienin the short-term?A.Cyclicassets attrainvestors. Monetary policybecomes restrictive. C.The yielcurve steepens substantially. B is correct.Wakuluk’s mol prects thCountry Z’s business cycle is currently in the late upswing phase. In the late upswing phase, interest rates are typically rising monetary polibecomes more restrictive. Cyclicassets munrperform, wherethe yielcurve is expecteto continue to flatten.解析依据Wakuluk的模型预测，Z国的商业周期目前处于后期上升阶段。在上升阶段的后期，利率通常会随着货币政策的收紧而上升。所以B正确周期性资产可能表现不佳，而收益率曲线预计将继续趋平。所以AC的说法都有误。为什么这个阶段周期性资产unrperform呢？

NO.PZ2018091901000051 问题如下 Neshie Wakuluk is investment strategist who termines whether any austments neeto ma to her initiestimates of the respective aggregate economic growth tren baseon historicrates of growth for Countries X anY (both velopemarkets) anCountry Z (a veloping market). Exhibit 1 summarizes Wakuluk’s prections: Wakuluk assumes short-term interest rates aust with expecteinflation anare procyclical.Baseon Exhibit 1, whcapitmarket effeis Country Z most likely to experienin the short-term? A.Cyclicassets attrainvestors. Monetary policybecomes restrictive. C.The yielcurve steepens substantially. B is correct.Wakuluk’s mol prects thCountry Z’s business cycle is currently in the late upswing phase. In the late upswing phase, interest rates are typically rising monetary polibecomes more restrictive. Cyclicassets munrperform, wherethe yielcurve is expecteto continue to flatten.解析依据Wakuluk的模型预测，Z国的商业周期目前处于后期上升阶段。在上升阶段的后期，利率通常会随着货币政策的收紧而上升。所以B正确周期性资产可能表现不佳，而收益率曲线预计将继续趋平。所以AC的说法都有误。 B，是不是应该要考虑下一阶段也就是进入PEAK以后slowwn时候的经济市场表现呢，因为在经济扩张的过程中，货币政策已经在逐渐紧缩了，所以题目问再下一阶段，是不是就不再紧缩了呢

NO.PZ2018091901000051问题如下Neshie Wakuluk is investment strategist who termines whether any austments neeto ma to her initiestimates of the respective aggregate economic growth tren baseon historicrates of growth for Countries X anY (both velopemarkets) anCountry Z (a veloping market). Exhibit 1 summarizes Wakuluk’s prections: Wakuluk assumes short-term interest rates aust with expecteinflation anare procyclical.Baseon Exhibit 1, whcapitmarket effeis Country Z most likely to experienin the short-term?A.Cyclicassets attrainvestors. Monetary policybecomes restrictive. C.The yielcurve steepens substantially. B is correct.Wakuluk’s mol prects thCountry Z’s business cycle is currently in the late upswing phase. In the late upswing phase, interest rates are typically rising monetary polibecomes more restrictive. Cyclicassets munrperform, wherethe yielcurve is expecteto continue to flatten.解析依据Wakuluk的模型预测，Z国的商业周期目前处于后期上升阶段。在上升阶段的后期，利率通常会随着货币政策的收紧而上升。所以B正确周期性资产可能表现不佳，而收益率曲线预计将继续趋平。所以AC的说法都有误。如题。A答案在什么phase适用？