NO.PZ2018123101000044
问题如下：
Tyo and her assistant are discussing the term structure theory. Tyo’s assistant asks, "Assuming investors require liquidity premiums, how can a yield curve slope downward? What does this imply about forward rates?"
Tyo answers, -Even if investors require compensation for holding longer-term bonds, the yield curve can slope downward — for example, if there is an expectation of severe deflation. Regarding forward rates, it can be helpful to understand yield curve dynamics by calculating implied forward rates.-
With respect to this discussion of yield curves, Tyo is most likely discussing which term structure theory?
选项：
A.Pure expectations theory
B.Local expectations theory
C.Liquidity preference theory
解释：
C is correct.
考点：Liquidity Preference Theory, Segmented Market Theory and Preferred Habitat Theory
解析：流动性偏好理论表明流动性溢价存在以弥补投资者在长期放贷时面临的额外利率风险，流动性溢价随着期限的增加而增加。根据Tyo的描述，他所说的为Liquidity preference theory。
对deflation有点疑问，望解惑，感谢！
按照这题目答案的解释，deflation预期会导致利率走低。但是deflation不就是资产价格（Price）低迷，这样回报率应该变高啊？
很多文献里deflation tends to put upward pressure on real rates.所以一直有个印象，觉得这题假设有点反常规，还是我参照物错了？
