我想辨析一下两个概念：（1） Short-dated, default-free government bonds、（2）short-term, default-free corporate bonds。Q18涉及概念（1）Short-dated, default-free government bonds；而Q12涉及概念（2）short-term, default-free corporate bonds。
我的理解是Short-dated government bonds作为一种hedging工具，在经济差的时候，yield会上升，yield和long-dated government bonds负相关，对吧？并且在经济差的时候，Short-dated government bonds和经济周期也是负相关的，对吧？
但是概念（2）short-term, default-free corporate bonds，在经济差的时候yield（interest rate）会下降。
我的理解对吗？谢谢！
12 A decrease in the prices of AAA-rated corporate bonds during a recession
would most likely be the result of:
A expectations of higher inflation.
B increases in credit risk premiums.
C increases in short-term, default-free interest rates.
12 B is correct. During recessions, the risk premium that investors demand on
financial assets, particularly those that are not default-free, such as corporate
bonds, may rise because investors in general may be less willing and able to
take on heightened default risk during such periods. Specifically, the credit risk
premium demanded by investors tends to rise in times of economic weakness,
when the probability of a corporate default and bankruptcy is highest.
18 Which of the following financial assets is likely to offer the most effective hedge
against bad consumption outcomes?
A Equities.
B Short-dated, default-free government bonds.
C Long-dated, default-free government bonds.
18 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 pay
off, indicates that an investment in such bonds would be a good hedge against
bad consumption outcomes.
