老师好，请问reading49课后题19，问P/E ratio在什么情况下下降。 答案是按照present value model的思路考虑的么？ 若结合本节内容，从equity premium角度出发应该怎么理解？

原版书课后题360页第25题

F/S=1+Rx/1+Ry rx是本国货币利率？ 那如果RMB/USD中，RMB是本国货币还是USD是本国货币？

原版书课后题356页4.8.9.11.13题

请问老师，2010年上午题，q1，要求formulate liquidity，为什么答案只讲了education？

原版书课后题，352页第一题

老师您好， 1. 在讲到initial recovery的capital market effect，老师提到说：经济不好，买债券的人多了，价格上升，对应的收益率下降。 2. 但是在讲到市场分割理论时，LT return上升，“资金价格”上升意味在长期资本市场当中资金的需求是增加的。我看您给其他同学解释时说资金价格是利率。为什么资金价格是利率？利率和价格是成反比的，现在利率和价格变成了一个东西，是同向变化，我有点不太明白？ 上面的1和2 是不是在不同的经济情况下？1是经济不好，利率下降。2是在经济好的时候，利率上升？麻烦您解释一下。谢谢您！

04.单选题 已收藏 标记 纠错 Quantitative easing (QE), as a monetary policy tool, will most likely help revive an ailing economy in which of the following environments？ A Liquidity trap . B Declining bank reserves and economic activity . C Deflationary trap. 查看解析 上一题 下一题 正确答案B 您的答案A本题平均正确率：45% Limitations of monetary policy难度：一般 推荐：      答案解析 Quantitative easing (QE) is an “unconventional” approach to monetary policy and is operationally similar to open market purchase operations but conducted on a much larger scale. The additional reserves created by central banks in a policy of quantitative easing can be used to buy any asset. The idea was that this additional reserve would kick-start lending, causing broad money growth to expand, which would eventually lead to an increase in real economic activity. 问：B怎么翻译？C选项为什么不选？

Why will deflation be persist despite expansionary monetary policy? A bond market vigilantes. B a liquidity trap. C inelastic demand for money. 查看解析 上一题 下一题 正确答案B 您的答案B本题平均正确率：73% Limitations of monetary policy难度：一般 推荐：      答案解析 Deflation is often associated with liquidity trap conditions. A liquidity trap is a situation in which demand for money becomes highly elastic. Expanding the money supply has little effect on economic activity under these conditions because individuals and firms choose to hold the additional money in cash. “Bond market vigilantes” is an expression referring to the fact that expansionary monetary policy may cause long-term interest rates to increase, instead of decreasing as intended, if bond market participants expect the expansionary policy to increase future inflation rates. 问：这道题B能选出来，请问A C选项是什么意思

老师 能总结一下long/short call/put 四种情况执行价格高低对期权费用的影响吗？我不太清楚