NO.PZ202304060100006102
问题如下:
Is Rutherford most likely correct with regard to the impact on short-term TIPS rates?
选项:
A.
Yes.
B.
No, with regard to the impact of volatility.
C.
No, with regard to the impact of growth.
解释:
B is correct. Short-term TIPS are a proxy for real default-free interest rates in the United States. Real default-free interest rates should be positively related to GDP growth and positively related to the expected volatility of GDP growth. Expected increases in GDP volatility would put upward pressure on short-term TIPS rates, all else being held equal.
A is incorrect. Rutherford is incorrect about the impact higher GDP volatility should have on short-term TIPS rates.
C is incorrect. Rutherford is correct about the impact higher GDP growth should have on short-term TIPS rates.
最后一句话的these factors是指预计经济会变差?还是GDP的波动大?
1)经济差:real rf减小
2)GDP波动大:real rf增加
如果these factors是指上面两个方面,那最终real rf的变化方向应该是uncertain吧?
请解惑,谢谢