问题如下图：
选项：
A. 
B. 
C. 
解释：
这个题目的考点具体在2019年基础班讲义的哪一页？麻烦jie shi yi xia解释一下英文的“解释”
Shimin_CPA税法主讲、CFA教研 · 2018年12月17日
定价受哪些因素影响，其实就是问折现率受哪些因素影响。
A这里的债券是real bond，real bond不受预期通货膨胀影响，A首先可以排除。
B选项在111页，The real interest rates are higher in an economy in which GDP growth is more volatile compared with real interest rates in an economy in which growth is more stable. 也就是说，经济变化波动越大， real interest rates 越高，B正确
C选项在110页，with a one-period default-free bond, the covariance term is zero because the future price is a known constant ($1)。covariance=0，所以不影响定价，C排除。
英语解释说，只有default free real interest rate 会影响这个债券的定价。而这个利率与经济增长的波动率正相关，所以会影响default free real interest rate，从而影响real default free govenment bond的定价。
NO.PZ2015121810000027 问题如下 The prices of one-perio refault-free government bon are likely to most sensitive to changes in: A.investors’ inflation expectations. B.the expectevolatility of economic growth. C.the covarianbetween investors’ inter-temporrates of substitution anthe expectefuture prices of the bon. B is correct.Only changes in fault-free reinterest rates will affethe priof real, fault-free bon. The average level of fault-free reinterest rates is positively relateto the volatility of economic growth in the economy; thus, changes in the expectevolatility of economic growth woullikely leto changes in refault-free reinterest rates, whiin turn woulaffethe prices of real, fault-free government bon. 考点scount Rate on Refault-free Bon解析排除法A ，rebon 不会受到通货膨胀的影响，nominbon 才会B ，volatility of economic growth 影响分母 l，即 refault-free interest rate，所以 B 正确C ，one-perio的债券价格不受 covarian的影响，因为 one-periofault free bon的 covariance=0。只有多期债券才会受covarian影响 我有点不太明白，这个是定义吗，为什么说real就是考虑了通货膨胀因素呢？
NO.PZ2015121810000027 问题如下 The prices of one-perio refault-free government bon are likely to most sensitive to changes in: A.investors’ inflation expectations. B.the expectevolatility of economic growth. C.the covarianbetween investors’ inter-temporrates of substitution anthe expectefuture prices of the bon. B is correct.Only changes in fault-free reinterest rates will affethe priof real, fault-free bon. The average level of fault-free reinterest rates is positively relateto the volatility of economic growth in the economy; thus, changes in the expectevolatility of economic growth woullikely leto changes in refault-free reinterest rates, whiin turn woulaffethe prices of real, fault-free government bon. 考点scount Rate on Refault-free Bon解析排除法rebon不会受到通货膨胀的影响，nominbon才会。B，volatility of economic growth影响分母l，即refault-free interest rate，所以B正确C，one-perio债券价格不受covariance的影响，因为one-periofault free boncovariance=0。只有多期债券才会受covariance影响。 这里可不可以直接总结为单期情况下，价格就是替代率，替代率只会受到经济好坏的影响，所以选未来经济的波动率
NO.PZ2015121810000027 其中inter-temporrate 与maginutility关系还是不太明白
NO.PZ2015121810000027 老师，请问如何准确理解Refault-free债券价格？公式是pri= risk neutrPV + covariance. 请问如果Covariance是风险的折现，那这个公式不就变成风险资产了的定价了？“无风险 + 风险溢价” 另外，老师讲的refault interest rate不是仅仅补偿人的不耐情绪吗？请问当经济volatile的时候，到底是经济波动本身的风险导致折现率变高，还是人的情绪变化导致折现率变高？这里到底有没有风险的存在？谢谢
为什么growth volatility越大，l越大呢？是讲义中哪句话？ 我理解的讲义中只是说未来growth预期越大，l越大，但是growth越大和growth volatitlity越大是两码事。。