NO.PZ2018091901000054
问题如下：
Neshie Wakuluk is an investment strategist. Exhibit 1 summarizes Wakuluk’s predictions:
Wakuluk decides to focus on Country Y. Wakuluk makes the following observations:
Observation 3 The current yield curve for Country Y suggests that the business cycle is in the slowdown phase, with bond yields starting to reflect contractionary conditions.
Based on Observation 3, Wakuluk most likely expects Country Y’s yield curve in the near term to:
选项：
A. invert.
flatten.
steepen
解释：
C is correct.
The current yield curve for Country Y suggests that the business cycle is in the slowdown phase (curve is flat to inverted), with bond yields starting to reflect contractionary conditions (i.e., bond yields are declining). The curve will most likely steepen near term, consistent with the transition to the contractionary phase of the business cycle, and be the steepest on the cusp of the initial recovery phase.
解析：
Y国目前的收益率曲线表明，商业周期正处于放缓阶段(曲线从平向反方向)，债券收益率开始反映出紧缩的状况(债券收益率正在下降)。这条曲线在短期内很可能会变陡，与商业周期向收缩阶段的过渡保持一致，并在初始复苏阶段的尖端变得最陡。
所以只有C选项正确。
这道题里面，
1，利率在contraction 的时候是比较低的？为什么在收缩时比较低，因为是政府刺激经济的发展，所以利率比较低？
2， 这里的利率低是长期利率，还是短期利率呢？我记得何老师说一般都是长期利率。没有理解到。
3，长期利率和短期利率相比。当经济过热的时候， 短期利率上升快，所以导致了inverted？
4， 长期利率与短期利率相比。 当经济开始复苏的时候， 由于刺激政策，短期下降很快，所以是steepen?
5, 什么情况下，收益率曲线是变平呀？ 是什么原因导致的呢？
