NO.PZ2018091701000053
问题如下:
Which of the following statement is most likely correct?
选项:
A.The price of one-period real default free government bonds are sensitive to changes in investors’ inflation expectations.
B.Inter-temporal rate of substitution is lower in the good state of the economy.
C.The price a S-period real default-free bond is less sensitive in a volatile economic growing economy than in a stable growing economy.
解释:
B is correct.
考点:the discount rate on real default-free bonds.
解析:因为一期零息债是不考虑通货膨胀的,所以A不对。
C选项,结论:GDP增长的波动越剧烈, real interest rate更高。这是因为经济增长波动率高,也就是GDP增长的波动越剧烈, 导致了债券价格的不确定因素就更大(所以C说less sensitive是错的),因此需要额外的收益补偿。
经济比较好的时候 , 投资者预期未来的收入会比较高 , 就不太担心自己未来的消费能力 , 也更倾向于当期的消费 , 现在的边际消费效用增加(MUt变大),m=MUt+s/MUt,所以m变小,也就是inter-temporal rate lower。所以选B。
选项A错在了哪里?