NO.PZ202206070100000201
问题如下:
Grey’s statement regarding the impact of RiteVal’s inflation scenario is most likely:
选项:
A.incorrect because of his comment about real estate.
B.correct.
C.incorrect because of his comment about equities.
解释:
Solution
A is correct. In deflation, real estate experiences downward pricing pressure (negative) and bonds benefit from improving purchasing power (positive). Unexpectedly low inflation (or deflation) will put downward pressure on expected rental income and property values, especially for less-than-prime properties, which may have to cut rents sharply to avoid rising vacancies. Therefore, Grey’s comment about real estate is incorrect. In equilibrium, inflation at or below expectations is a positive for equities. The comment about equities is correct.
B is incorrect. Grey’s statement is wrong as stated above.
C is incorrect. Grey’s statement about equity returns is accurate.
题目考察的是通胀/通缩对于不同资产的影响。在通货紧缩时期,房地产面临价格下行的压力,而债券则受益于购买力的提高。非预期内的低通胀(或通缩)将给预期的租金收入和房产价值带来下行的压力。尤其是那些标的不太好的房产,它们可能会大幅降低租金,以避免空置率上升。因此,Grey关于房地产的评论是不正确的。总的来说,达到或低于预期的通胀对股市都是有利的。所以题目中关于股票的评论是正确的。
如图,习此题B选项是正确的,也就是说higher than expected inflation对房地产是有帮助的,这两题都也没提到是好的房产还是不好的房产,为什么本题A不对呢