为什么不考虑A选项的通胀因素？

问题如下：

The prices of one-period, real default-free government bonds are likely to be most sensitive to changes in:

选项：

A.

investors’ inflation expectations.

B.

the expected volatility of economic growth.

C.

the covariance between investors’ inter-temporal rates of substitution and the expected future prices of the bonds.

解释：

Only changes in default-free real interest rates will affect the price of real, default-free bonds. The average level of default-free real interest rates is positively related to the volatility of economic growth in the economy; thus, changes in the expected volatility of economic growth would likely lead to changes in real default-free real interest rates, which in turn would affect the prices of real, default-free government bonds.