其原型就是格林斯潘在90年代用来衡量股市估值的美联储模型 (The Fed Model)。在理论上,模型反映的是风险资产(股市)相对于无风险资产(国债利率)的估值关系。
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此外,美联储模型的支持人常常忘记,一个相对估值方法是一个价差部位。
Moreover, proponents of the Fed Model often fail to remember that a relative valuation approach is a spread position.
当然,因为债券面目可憎而买股票的说法只是所谓的美联储模型的一个版本。
Of course, the argument to buy stocks because bonds are appalling is really just a version of the so-called Fed Model.
美联储理事丹尼尔•塔鲁洛,最近强调一些美国银行并不擅长自己做压力测试,并且不仅仅是模型,监管者的判断力也是重要的因素。
Daniel Tarullo, a Fed governor, recently emphasised that some American Banks weren't much good at doing stress tests on their own and that supervisors' judgment, not just models, was vital.
So I've been trying to read macroeconomic models that the fed uses to predict and
所以我试着研读美联储用来预测的宏观经济模型和……
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