Download Applied Financial Macroeconomics and Investment Strategy: A by Robert T. McGee PDF

By Robert T. McGee

Absolutely the and relative functionality of assorted asset sessions is systematically regarding macroeconomic tendencies. during this new publication, Robert McGee presents an intensive consultant to every degree of the enterprise cycle and analyzes the funding implications utilizing real-world examples linking fiscal dynamics to funding effects.

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Extra resources for Applied Financial Macroeconomics and Investment Strategy: A Practitioner’s Guide to Tactical Asset Allocation

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This highlights the role that business spending on capital equipment and consumer spending on durable goods, such as automobiles, play in driving the cyclical fluctuations in the economy. The housing cycle is another important force shaping the business cycle, and that’s reflected in the fact that building permits are a component of the LEI. Finally, the labor market cycle is perhaps the most comprehensive cycle, as it reflects conditions in all the parts of the economy. That’s why unemployment claims and the average workweek have proved to be good leading indicators of the business cycle.

It is not unusual to hear some analysts distinguish physical output as somehow superior to intangible output. In fact, since knowledge-based output accounts for most of the growth in the postindustrial stage of development, this bias is often the basis for critique of the modern economy’s performance. However, this view ignores the fact that invisible output is valued according to its worth in the market, just like physical output. Otherwise, Bill Gates would not be one of the world’s richest people.

More generally, eliminating deflation risk biases economic rewards in favor of debtors at the expense of creditors, helping to explain why there was an unprecedented leveraging of household balance sheets through each successive business cycle from World War II until it peaked during the 2008–2009 financial crisis. The 2008–2009 crisis reminded people why their grandparents’ generation had feared debt to the point of avoiding it irrationally. The process of ebbs and flows in different macroeconomic variables through a business cycle tends to have certain common characteristics across cycles.

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