问题如下图：
选项：
A. 
B. 
C. 
解释：
老师好。。。这道题目真的是不太明白。。。看了以前助教讲的，也是迷迷糊糊。。。不懂。。。
能不能麻烦老师讲讲知识点以及怎么通俗理解。
Shimin_CPA税法主讲、CFA教研 · 2018年12月27日
以前的回答比较详细了。这道题把题干读懂就不难。
首先他观察到了yield curve是上升的，这个yield是没有违约风险的政府债券的名义利率，所以可能影响到yield的因素有real interest rate, expected inflation rate, liquidity risk, other risk factor，没有credit risk。
然后发现题干第一行就说了，这个分析师只看两点，一个是interest rate, 没说是名义还是实际的，一个是premium，也就是把所有risk factor都合并了。也就是已知yield =interest rate+premium, 并且yield随时间变大，然后问你是由于interest rate引起的还是premium引起的。这个没法确定，因为有两个影响因素。
粉红豹 · 2018年12月27日
老师，题目中的 upward-sloping yield curve 就是yield 上升的意思吗？不能等同吧？
Shimin_CPA税法主讲、CFA教研 · 2018年12月27日
yield curve横轴为距离到期的时间，纵轴为收益率。upward向上倾斜，说明时间越长，收益率越高。
粉红豹 · 2018年12月27日
嗯，您讲的这个我理解，但是这个观察到yield curve是上升的，对解答这道题目有什么指示作用吗？好像没用上这个条件啊。。。
Shimin_CPA税法主讲、CFA教研 · 2018年12月27日
yield随时间变大是结果，这个结果有两个原因导致，一个是interest rate一个是premium，所以没法确定是受哪个影响
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