问题四： Example 11-7 : FRM Exam 1997- Question 42 What is the relationship between yield on the current inflation- proof bond issued by the U.S. Treasury and a standard Treasury bond with similar terms？ a ) The yields should be about the same. b ) The yield of the inflation- proof bond should approximately equal the yield on the Treasury minus the real interest. c ) The yield of the inflation- proof bonds should approximately equal the yield on the Treasury plus the real interest. d ) None of the above is correct. 答覆： 英文解答： d ) The yield on the inflation- protected bond is a real yield, or nominal yield minus expected inflation. 本题在问类似到期日的美国公债殖利率与抗通货膨胀公债殖利率之间的关系。 由於抗通货膨胀公债殖利率为实质殖利率，而公债殖利率为名目殖利率。 也就是抗通货膨胀公债的实质殖利率等於美国公债名目殖利率减去预期通货膨胀率。 答案（a）认为两者相同而不对，应为抗通货膨胀公债的实质殖利率等於公债殖利率减预 期通货膨胀率。 答案（b）认为抗通货膨胀公债的实质殖利率为公债殖利率减实质殖利率而不对，应为抗 通货膨胀公债的实质殖利率等於公债殖利率减预期通货膨胀率。 答案（c）认为抗通货膨胀公债的实质殖利率为公债殖利率加上实质殖利率而不对，应为 抗通货膨胀公债的实质殖利率等於公债殖利率减预期通货膨胀率。 因此，答案应为（d）以上皆非 -- CFA证照考试心得分享:http://www.wretch.cc/blog/vactorlee --

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