NO.PZ2015121810000027
问题如下：
The prices of one-period, real default-free government bonds are likely to be most sensitive to changes in:
选项：
A.investors’ inflation expectations.
B.the expected volatility of economic growth.
C.the covariance between investors’ inter-temporal rates of substitution and the expected future prices of the bonds.
解释：
B is correct.
Only changes in default-free real interest rates will affect the price of real, default-free bonds. The average level of default-free real interest rates is positively related to the volatility of economic growth in the economy; thus, changes in the expected volatility of economic growth would likely lead to changes in real default-free real interest rates, which in turn would affect the prices of real, default-free government bonds.
考点：Discount Rate on Real Default-free Bonds
解析：排除法
A 选项，real bonds 不会受到通货膨胀的影响，nominal bonds 才会
B 选项，volatility of economic growth 影响分母 l，即 real default-free interest rate，所以 B 正确
C 选项，one-period 的债券价格不受 covariance 的影响，因为 one-period default free bond 的 covariance=0。只有多期债券才会受covariance 影响
我有点不太明白，这个是定义吗，
为什么说real就是考虑了通货膨胀因素呢？
