内容

目次

Part 1 Do investors diversify optimally?: portfolio crowding-out,empirically estimated; a comment on debt management; portfolio shares as"beta breakers"; do asset-demand functions optimize over the mean andvariance of real returns? a six-currency test; the constrained asset shareestimation (CASE) method - testing mean-variance efficiency of the US stockmarket. Part 2 Monetary indicators - commodity prices and the interest rateterm structure: expectations and commodity price dynamics - the overshootingmodel; commodity prices, money surprises and fed credibility; a technique forextracting a measure of expected inflation from the interest rate termstructure; an indicator of future inflation extracted from the steepness ofthe interest rate yield curve along its entire length; the power of the yieldcurve to predict interest rates (or lack thereof). Part 3 Uncertainty, policycoordination and nominal GDP targeting: ambiguous policy multipliers intheory and in empirical models; the implications of conflicting models forcoordination between monetary and fiscal policymakers; internationalmacroeconomic policy coordination when policymakers do not agree on the truemodel; international nominal targeting (INT) - a proposal for overcomingobstacles to monetary policy coordination; the stabilizing properties of anominal GDP rule for monetary policy.