NO.PZ2015121810000043
问题如下：
Which of the following financial assets is likely to offer the most effective hedge against bad consumption outcomes?
选项：
A.Equities.
B.Short-dated, default-free government bonds.
C.Long-dated, default-free government bonds.
解释：
B is correct.
The relative certainty about the real payoff from short-dated, default-free government bonds, and therefore the relative certainty about the amount of consumption that the investor will be able to undertake with the payoff, indicates that an investment in such bonds would be a good hedge against bad consumption outcomes.
考点：default-free interest rates and economic growth
解析：consumption outcomes可以理解为实体经济，所以问的是哪一个可以对冲实体经济衰退。那就是短期国债。
因为经济差，股票表现也差，A错。而相对于长期国债，短期国债风险更小，所以短期国债是比较好的对冲经济衰退的工具。
“而相对于长期国债，短期国债风险更小” - 题目都说了是default-free了，为什么还有风险？
