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luojy · 2024年04月19日

statement 2到底以什么标准判断对错呢?

NO.PZ2022122601000013

问题如下:

In forecasting the Danish bonds’ expected rate of return, Perumalnotices that Denmark is facing negative short-term rates. He wonders ifnegative short-term rates will impact market relationships and complicatetraditional ways of forecasting rates. Perumal consults Josh Knight, a seniorrate strategist at the firm. Knight makes the following general statementsabout negative interest rates and their implications.

Statement 1: To calculatethe expected rate of return of Danish bonds, the observed negative short-termrates shouldn’t be used as the risk-free rate.

Statement 2: For countriesfacing negative short-term rates, market relationships (e.g., the yield curve)are unlikely to be distorted by other concurrent monetary policy measures.

Which of JoshKnight’s statements regarding negative short-term rates is most likely correct?

选项:

A.Only Statement 1 is correct

B.Only Statement 2 is correct

C.

Both statements are correct

解释:

Correct Answer: A

Statement 1 iscorrect. When short-term rates are negative, the long-run equilibrium short-termrate can be used as the risk-free rate, rather than the observed negative rate.

Statement 2 isincorrect. Market relationships (e.g., the yield curve) are likely to be distortedby other concurrent policy measures such as quantitative easing.

中文解析:

表述一是正确的。当短期利率为负时,可以使用长期均衡短期利率作为无风险利率,而不是观察到的负利率。

表述二不正确。市场关系(如收益率曲线)可能会被其他同步的政策措施(如量化宽松)扭曲。

负利率的情形中,货币政策可能是失效的,也有可能是有效的,不同的观点都有,所以这个statement 2到底以什么标准判断对错呢?

1 个答案

源_品职助教 · 2024年04月19日

嗨,爱思考的PZer你好:



2的逻辑是这样的。

首先,量化宽松属于货币政策

其次,量化宽松可以作用于负利率情况下的经济市场以及对收益率曲线发生影响。(我们只是说传统的货币在负利率的时候无效)

所以,2的表述就是不正确的。因为已经举出了量化宽松这个反例

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虽然现在很辛苦,但努力过的感觉真的很好,加油!

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