On a particular day the Wall Street Journal reports that the 91-day on-the-run U. S. Treasury bill is yielding 6 percent and the 30-year on-the-run U. S. Treasury bond is yielding 8 percent. In the market, default risk premiums average 2 percent, maturity risk premiums average 2 percent and liquidity risk premiums average 1 percent. If expected inflation is 3 percent, the real risk free rate of interest is:（）
A. -2%.
B. 0%.
C. 3%.
参考答案：C
解析：
On-the-run U.S. Treasury bills and bonds are highly liquid so the liquidity risk premium does not apply. Treasuries also have no default risk. Thus, the relevant risk premium with respect to the T-bond is the maturity risk premium. There are no relevant risk premiums with respect to the T-bill. Real risk - free rate = nominal T - bond rate - MRP - IP = 8% - 2% - 3% = 3%. Alternatively : real risk - free rate = nominal T - bill rare - IP = 6% - 3% = 3%.