问题如下图：
选项：
A. 
B. 
C. 
解释：
key duratiaon match不是更严格吗？
发亮_品职助教 · 2019年02月15日
题干是说在Strategy 2情况下，应该使用哪个Duration数据。
Strategy 2就是用附息债券构建一个单期负债免疫策略：
Immunization of the single liabilities using coupon-bearing bonds while continuously matching duration.
所以就是在选项中找到单期负债匹配策略里，我们应该使用到的Duration。
在我们学的免疫策略里，单期负债Duration匹配用到的是Macaulay duration，满足的条件是：资产的Macaulay duration等于投资期。
而在多期负债Duration匹配策略里面，用到的是BPV或者是Money duration，满足的条件是：资产的BPV等于负债的BPV。
所以无论是单期负债、还是多期负债匹配，都没有用到Key rate duration。
NO.PZ201812020100000502问题如下 Which ration measure shoulmatchewhen implementing Strategy 2? Key rateMofie. Macaulay C is correct. An investor having investment horizon equto the bons Macaulration is effectively protecte or immunize from the first change in interest rates, because priancoupon reinvestment effects offset for either higher or lower rates. 想问下 immunization 其实是要资产和负债对利率的敏感程度一致，不是mofieration 更合适？
NO.PZ201812020100000502 问题如下 Which ration measure shoulmatchewhen implementing Strategy 2? Key rate Mofie Macaulay C is correct. An investor having investment horizon equto the bons Macaulration is effectively protecte or immunize from the first change in interest rates, because priancoupon reinvestment effects offset for either higher or lower rates. 1、老师能帮忙区分下这三个ration嘛2、看了一些答案的解析有点混淆了，single lia和multiple的immunization的条件，我怎么记得最后都是直接asstBVP大于等于lia的BVP，然后asset的convexity大于lia的、但要尽量小？
NO.PZ201812020100000502 问题如下 Which ration measure shoulmatchewhen implementing Strategy 2? Key rate Mofie Macaulay C is correct. An investor having investment horizon equto the bons Macaulration is effectively protecte or immunize from the first change in interest rates, because priancoupon reinvestment effects offset for either higher or lower rates. 请问continuously matching ration该怎么理解？我可能是被这个单词误导了，我一直以为是“连续不断地”或者“持续地” matration，那这样就包含了利率非平行移动的情况，所以就选了A。
NO.PZ201812020100000502问题如下 Which ration measure shoulmatchewhen implementing Strategy 2? Key rate Mofie Macaulay C is correct. An investor having investment horizon equto the bons Macaulration is effectively protecte or immunize from the first change in interest rates, because priancoupon reinvestment effects offset for either higher or lower rates. 前面才说的“Kepler asks Ng for fferent strategies to manage the interest rate risk of the city’s fixeincome investment portfolio against one-time shifts in the yielcurve.”，不是说明曲线没有平行移动吗？
NO.PZ201812020100000502