不明白答案，求解答
源_品职助教 · 2017年03月14日
因为YIED是由interest rates 和 premiums两部分组成，所以即使YIED曲线是向上倾斜的，我们也无法判定interest rates曲线的形状（即未来interest rates）的大小。
这是因为。只要premiums在未来是不断增加的，那么未来interest rates只要保持不变，或者上升，未来的YIED就是上升的（YIED曲线向上倾斜）
如果premiums在未来是不断增加的,同时未来interest rates下降，但是只要premiums增加的幅度超过interest rates下降的幅度，那么未来的YIED也是上升的（YIED曲线向上倾斜）。
所以未来的interest rates可以上升，下降或者保持不变，无法确定具体方向。
NO.PZ2015121810000034 问题如下 analyst, who measures yiela combination of interest rates anpremiums, observes upwarsloping, fault-free government bonnominyielcurve. Whiof the following statements is correct? A.Interest rates must expecteto rise in the future. B.Bonrisk premiums must expecteto rise in the future. C.Expectations relating to the future rection of interest rates are interminate. C is correct.upwarsloping yielcurve mcausea combination of expecterate increases anpositive bonrisk premiums. It malso a combination of expectations thinterest rates will unchangein the future couplewith positive bonrisk premiums. Lastly, upwarsloping yielcurve mactually a reflection of expecterate cuts thare more thoffset the existenof positive bonrisk premiums. So, expectations relating to the future rection of interest rates are interminate. 考点yielcurve解析债券市场的收益率可以简单地划分为两部分，一是risk-free interest rate，二是risk premium。如果收益率曲线表现为上升，那么有三种可能1.risk-free interest rate和risk premium同时上升;2.risk-free interest rate上升，risk premium下降，但是前者上升的幅度超过后者下降的幅度;3.risk-free interest rate下降，risk premium上升，但是前者下降的幅度小于后者上升的幅度。因此仅观察债券市场的收益率曲线不能判断未来预测利率变化的方向。 所以这里non-fault government bonnomininterest rate就是nomininterest rate=reinterest rate+risk premium, 那为什么要强调no fault? 我有点不理解这里的risk premium来自哪里
NO.PZ2015121810000034问题如下analyst, who measures yiela combination of interest rates anpremiums, observes upwarsloping, fault-free government bonnominyielcurve. Whiof the following statements is correct?A.Interest rates must expecteto rise in the future.B.Bonrisk premiums must expecteto rise in the future.C.Expectations relating to the future rection of interest rates are interminate.C is correct.upwarsloping yielcurve mcausea combination of expecterate increases anpositive bonrisk premiums. It malso a combination of expectations thinterest rates will unchangein the future couplewith positive bonrisk premiums. Lastly, upwarsloping yielcurve mactually a reflection of expecterate cuts thare more thoffset the existenof positive bonrisk premiums. So, expectations relating to the future rection of interest rates are interminate. 考点yielcurve解析债券市场的收益率可以简单地划分为两部分，一是risk-free interest rate，二是risk premium。如果收益率曲线表现为上升，那么有三种可能1.risk-free interest rate和risk premium同时上升;2.risk-free interest rate上升，risk premium下降，但是前者上升的幅度超过后者下降的幅度;3.risk-free interest rate下降，risk premium上升，但是前者下降的幅度小于后者上升的幅度。因此仅观察债券市场的收益率曲线不能判断未来预测利率变化的方向。框架图这里涉及Government bon risk premiums are positive anrelateto the consumption of h eing benefits of government bon, 请问如何理解consumption of heing benefits？
NO.PZ2015121810000034 问题如下 analyst, who measures yiela combination of interest rates anpremiums, observes upwarsloping, fault-free government bonnominyielcurve. Whiof the following statements is correct? A.Interest rates must expecteto rise in the future. B.Bonrisk premiums must expecteto rise in the future. C.Expectations relating to the future rection of interest rates are interminate. C is correct.upwarsloping yielcurve mcausea combination of expecterate increases anpositive bonrisk premiums. It malso a combination of expectations thinterest rates will unchangein the future couplewith positive bonrisk premiums. Lastly, upwarsloping yielcurve mactually a reflection of expecterate cuts thare more thoffset the existenof positive bonrisk premiums. So, expectations relating to the future rection of interest rates are interminate. 考点yielcurve解析债券市场的收益率可以简单地划分为两部分，一是risk-free interest rate，二是risk premium。如果收益率曲线表现为上升，那么有三种可能1.risk-free interest rate和risk premium同时上升;2.risk-free interest rate上升，risk premium下降，但是前者上升的幅度超过后者下降的幅度;3.risk-free interest rate下降，risk premium上升，但是前者下降的幅度小于后者上升的幅度。因此仅观察债券市场的收益率曲线不能判断未来预测利率变化的方向。 题干说“who measures yiela combination of interest rates anpremiums”，这句话本身是知识点吗，还是仅仅是在描述这道题目主人公measure yiel方法而已？在讲到yielcurve on nominfault-free bon，老师和讲义上都没提到yielcurve和premium之间的关联。
NO.PZ2015121810000034 这里说的直接就是“interest rates”，而不是直接说清楚是reinterest rate，这样无法判断究竟是要对比总的interest rate ,还是只看reinterest rate。考试遇到的话如何处理，只要出现interest rate就直接默认是real的吗？（因为如果认为是总的interest rate的话，自然说了upwarsloping的话，未来的expecte总interest rate还是可以知道是上涨的，直接选A就好了）
NO.PZ2015121810000034 Bonrisk premiums must expecteto rise in the future. Expectations relating to the future rection of interest rates are interminate. C is correct. upwarsloping yielcurve mcausea combination of expecterate increases anpositive bonrisk premiums. It malso a combination of expectations thinterest rates will unchangein the future couplewith positive bonrisk premiums. Lastly, upwarsloping yielcurve mactually a reflection of expecterate cuts thare more thoffset the existenof positive bonrisk premiums. So, expectations relating to the future rection of interest rates are interminate. 考点yielcurve 解析 债券市场的收益率可以简单地划分为两部分，一是risk-free interest rate，二是risk premium。如果收益率曲线表现为上升，那么有三种可能 1.risk-free interest rate和risk premium同时上升; 2.risk-free interest rate上升，risk premium下降，但是前者上升的幅度超过后者下降的幅度; 3.risk-free interest rate下降，risk premium上升，但是前者下降的幅度小于后者上升的幅度。 因此仅观察债券市场的收益率曲线不能判断未来预测利率变化的方向。 一般收益率向上倾斜不是未来利率上涨吗？跟风险补偿有什么关系