题目
Suppose that the yield curve is upward sloping. Which of the following statements is TRUE?
选项
A.The forward rate yield curve is above the zero-coupon yield curve, which is above the coupon-bearing bond yield curve.
B.The forward rate yield curve is above the coupon-bearing bond yield curve, which is above the zero-coupon yield curve.
C.The coupon-bearing bond yield curve is above the zero-coupon yield curve, which is above the forward rate yield curve.
D.The coupon-bearing bond yield curve is above the forward rate yield curve, which is above the zero-coupon yield curve.
答案
A
解析
With an upward sloping curve, the coupon curve is the lowest, the zero-coupon curve is above the coupon curve and the forward curve is above the zero-coupon curve. The order is reversed if the curve is downward sloping.当曲线向上倾斜时，息票曲线是最低的，零息票曲线在息票曲线之上，而正向曲线在零息票曲线之上。如果曲线向下倾斜，则顺序颠倒。