The Monetary and Fiscal Policy Mix部分：舉了個的The Fed的例子。例子中美聯(lián)儲加息定義為Tighten Monetary Policy. 但是前面說Fiscal Policy主要影響是的interest rate。那加息是不是理解成Loose fiscal policy更合適。是否可以具體講下這個例子中，央行加息，所具體代表的貨幣政策和財政政策？以及為什么？
請問ppt哪里可以下載？
這里關(guān)于打包費，是不是說 如果交易費無法計算出，那么計算收益時，直接扣掉全部打包費，計net of fee 如果打包費可以計算出，那么計算收益時，才有可能計算出gross of fee
請教，財政政策和貨幣政策對收益率曲線的影響，這個收益率曲線是特指國債還是所有債權(quán)，為什么？
老師，蒙地卡羅模擬30年后的情況對我當下AA有什么現(xiàn)實意義嗎？感覺不靠譜呢
老師，請問書本226頁第三十一題答案Scenario C: –0.02?+ (–0.053) + (–0.794) = –0.867為什么不可以是Scenario C: 0.02?+ (–0.053) -(–0.794) ？是不是絕對數(shù)值越大，sensitity越大？
老師，請問書本225頁第二十四題答案 Due to covered interest arbi-trage, the relative attractiveness of bonds does not depend on the currency into which they are hedged for comparison. Hence, the ranking of bonds does not depend on the base currency of the portfolio.是什么意思？ . Inter- market trades should be assessed on the basis of returns hedged into a common currency. Doing so ensures that they are comparable. Neither local currency returns nor unhedged returns are comparable across markets because they involve different currency exposures/risks不太理解？ Over horizons most relevant for active bond management, the capital gains/losses arissing from yield movements generally dominate the income component of return (i.e., carry) and rolling down the curve怎么理解？
老師請問書本225頁第二十三題答案. Intra- market carry trades typically do involve different maturities, but inter- market carry trades frequently do not, especially if the currency is not hedged.這里not hedged怎么理解？ if two curves are involved they need not have different slopes provided there is a difference in the level of yields between markets.是什么意思？ Inter- market carry trades do not, in general, break even if each yield curve goes to its forward rates. Intra-market trades will break even if the curve goes to the forward rates because, by construction of the forward rates, all points on the curve will earn the “first- period” rate (that is, the rate for the holding period being considered). Inter-market trades need not break even unless the “first- period” rate is the same in the two markets. If the cur-rency exposure is not hedged, then breaking even also requires that there be no change in the currency exchange rate.這段不太明白是什么意思？
老師，請問能否詳細講解一下書本223頁第二十題，不太理解是什么意思？
老師，請問書本222頁第十九題，cordor structure中，long和short的所有節(jié)點money duration都相同的嗎？那butterfly和曲線直線的呢？這道題和第十一題是不是一樣？能否詳細講解一下這兩道題是什么意思？有些不太清楚？
老師，請問書本222頁第十八題答案Scenario 1 is an extreme barbell and is typically used when the yield curve flattens. In this case, the 30- year bond has larger price gains because of its longer duration and higher convexity relative to other maturities. 30-year bond的duration和convexity的數(shù)據(jù)在哪里？怎么得出larger price gain的結(jié)論的？ If the yield curve flattens through rising short- term interest rates, portfolio losses are limited by the lower price sensitivity to the change in yields at the short end of the curve while the benchmark’s middle securities will perform poorly.是什么意思？解釋有些看不懂？
老師，請問書本222頁第十七題答案A為什么不可以？In a stable yield curve environment，Sell the 3- year bonds, and use the proceeds to buy 10- year bonds.不是也可以嗎？這種情況是carry trade還是ride the yield curve？有些分不清楚？能否詳細解釋一下它們的概念和異同點？
老師，請問書本222頁第十六題答案 shortening the Fund’s duration from a neutral position to one that is shorter than the benchmark will improve the portfolio’s return relative to the benchmark. 利率上升不是價格下降，shorten duration 不是為了避免損失更多？為什么會impove return？怎么impove的？curve steepen和shorten duration 有什么關(guān)系？能否詳細解釋一下這之間的關(guān)系？
老師，請問書本220頁第十一題答案In order to take duration- neutral positions that will profit from an increase in the curvature of the yield curve, Hirji should structure a condor. Allocation to 2- year bond = Money duration of long- term bonds/PVBP of 2- year bond. duraion-neuture不是long+long=short+short，Money duration 2year+long-term=Money duratiion 5-year+ 10-year，為什么這里是Money duration 2-year=Money duration long-term？
老師，請問書本219頁第九題答案 Options are added in anticipation of a significant change in rates是什么意思？為什么會change？怎么change？ foregone interest income on the liquidated bonds怎么理解？
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