袁同学2021-02-24 11:08:46

这是原版书中的一段话，对于通胀在预期内和超出预期，对债券产品的影响，但是不是很理解，希望老师解释下：Because the cash flows are fixed in nominal terms, the effect of inflation is transmitted solely through the discount rates (i.e., the yield curve). Rising (falling) inflation induces capital losses (gains) as the expected inflation component of yields rises (falls). If inflation remains within the expected cyclical range, shorter-term yields rise/fall more than longer yields but have less price impact as a result of shorter duration. If, however, inflation moves out of the expected range, longer-term yields may rise/fall more sharply as investors reassess the likelihood of a change in the long-run average level of inflation. Persistent deflation benefits the highest-quality bonds because it increases the purchasing power of the cash flows, but it is likely to impair the creditworthiness of lower-quality debt. （1）为什么通胀在预期内，收益率曲线更平坦，超出预期，收益率曲线更陡峭？ （2）通胀在预期内，资本利得的损失会减少？ （3）通胀如果超出预期，为什么长期的收益率波动更大？ 谢谢老师