An asset-pricing perspective on inflation reveals that it depends on current and expected monetary and fiscal policies. There are three ways to carry $1 today into the future: money, bonds, and real assets. That dollar’s purchasing power varies inversely with the price level. Expected money growth, tax rates, and government spending directly impinge on these expected rates of return of these as...

This paper studies the relationship between the systematic risk of financial instruments and the volatility of their equilibrium prices in a two-period stochastic asset valuation model. Whereas there is no link between the relative risk of assets and their price volatility in standard representative-agent models with additively-separable preferences, in this model with nonseparable preferences ...

We believe that the future of marine sensing lies in teams of cooperative autonomous assets working together to provide a coherent picture of the operating environment. The assets may be fixed or mobile platforms, both underwater and on the surface. Although several different research projects at ARL contribute important technologies towards achieving this vision, the STARFISH research program ...

This empirical study analyzes the information and predictive content of the Baltic Dry Index (BDI) with respect to a range of financial assets and the macroeconomy. By using panel methodological approaches and daily data spanning the period 1985–2012, the empirical analysis documents the joint predictability capacity of the BDI for both financial assets and industrial production. The results re...

Special Operation Forces (SOF) have historically relied upon conventional medical assets for Role II and higher medical support. Over the last five years, the need for SOF-specific medical teams and surgical support was identified and addressed. Several Special Operations based Role II assets are now available to support operations, each with unique personnel and capabilities. The Special Opera...

This paper examines price level determination from the perspective of portfolio choice. Arbitrages among money balances, bonds, and investment goods determine their relative demands. Returns to real balance holdings and after-tax returns to investment goods determine the relative values of nominal and real assets. Because expectations of government policies ultimately determine the expected ret...

A major inconvenience of the traditional approach in portfolio choice, based upon historical information, is its inability to anticipate sudden changes of price tendencies. Introducing information about future behavior of the assets fundamentals may help to make more appropriate choices. However the specification and parameterization of a model linking this exogenous information to the asset pr...

. We consider the model of a financial exchange economy with finitely many periods having financial restricted participation i.e., each agents portfolio choice is restricted to a closed convex set containing zero, as in siconolfi([3]). Time and uncertainty are represented by a finite event-tree D. There is a market for physical commodities at any state today or in any date of future and financi...

Medicaid paid for nearly half of the $183 billion spent nationally for long-term care in 2003 (GAO, 2005). The aging of the population will increase need for long-term care services, and consequently federal Medicaid expenditures in the near future. While anticipating that Medicaid spending for long-term care will increase because of demographic trends, policy makers also are concerned that som...

It is very important for investors to understand the critical factors affecting the value of firms before making investments. In knowledge-based economy, the method for creating firm value transfers from traditional physical assets to intangible knowledge. As intangible assets value is an important part of firm value, valuation of intangible assets becomes a widespread topic of interest in the ...