The paper examines the extent to which the conditional volatility of stock market returns in Chinese stock markets is related to the conditional volatility of financial and business cycle variables.

这篇论文目的是考察在中国股票市场中，股票市场收益率的条件波动率与宏观经济变量的条件波动率之间的相关程度。

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James Stock is on the committee that dates the rises and falls in the business cycle for the National Bureau of Economic Research.

VOA: special.2010.09.24

It is a gauge designed in collaboration with Pring Research to reflect its proprietary investment strategy, which tactically allocates among stock, bond, commodity, and cash segments based on the phase of the economic business cycle.

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