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chuckie · 2020年10月07日

问一道题: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.

B.

flatten.

C.

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。

在强化班讲义16页明明写了slow down阶段收益率曲线形状是flat to invert啊,难道不应该选invert吗

1 个答案
已采纳答案

源_品职助教 · 2020年10月11日

嗨,从没放弃的小努力你好:


仔细读题不难发现,题目中说道“bond yields starting to reflect contractionary conditions”,说明收益率曲线开始要反应“contraction”阶段了,并且题目最后问的是“expects Country Y’s yield curve in the near term”,也就是问“contraction”阶段收益率曲线表现如何?对应contraction阶段的是C选项


-------------------------------
虽然现在很辛苦,但努力过的感觉真的很好,加油!


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