什么时候喜欢长期债，什么时候喜欢短期债

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：

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.