恩 我也是这么理解的。但是书上的答案说“The coupon yield curve is an average of the spot,zero coupon curve;hence it has to lie below the spot curve when it is upward sloping。”,这句话怎么理解?
这一点我是意会了的,但是题目的答案说“The coupon yield curve is an average of the spot,zero coupon curve;hence it has to lie below the spot curve when it is upward sloping。”,这句话怎么理解?特别是第一句,The coupon yield curve is an average of the spot,zero coupon curve;意思是 coupon yield curve在spot curve和zero coupon curve之间?我觉得coupon yield curve肯定在spot curve以下的,那就是说coupon yield curve在zero coupon curve之上?但是2楼的回答又说zero coupon yield大于coupon yield,我就糊涂了。