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The Role of Monetary Policy in Investment Management Paperback – November 1, 2000


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Product Details

  • Paperback: 72 pages
  • Publisher: Research Foundation of AIMR & Blackwell Publishers; 1 edition (November 1, 2000)
  • Language: English
  • ISBN-10: 0943205506
  • ISBN-13: 978-0943205502
  • Product Dimensions: 6.2 x 0.2 x 9 inches
  • Shipping Weight: 3.8 ounces (View shipping rates and policies)
  • Average Customer Review: 3.0 out of 5 stars  See all reviews (1 customer review)
  • Amazon Best Sellers Rank: #3,961,404 in Books (See Top 100 in Books)

Editorial Reviews

From the Back Cover

Global stock and bond markets rise and fall in response to naunces in speeches made by Federal Reserve Board Chairman Alan Greenspan and other Fed officials. In fact, markets often vacillate immediately and dramatically in response to Greenspan's public remarks. The relationship bertween Fed monetary policy and security return patterns deserves serious examination, and receives it within these pages.

This book presents substantial evidence that an association exists between monetary conditions and returns to various asset classes. It goes on to show how, over the past four decades, investors had the opportunity to use monetary policy to significantly enhance their portfolio performances.

Designed to help readers better understand the importance of monetary policy in investment management, this book also explores topics such as


  • How one can gauge the monetary policy stance of the Federal Reserve
  • What actions the Federal Open Market Committee (FOMC) take that affect monetary aggregates
  • How many "tools" the Fed relies to carry out its objectives.

About the Author

Gerald R. Jensen is professor of finance at Northern Illinois University, He has published extensively in the leading finance journals, including Journal of Financial Economics, Journal of Financial and Quantita-tive Analysis, Journal of Banking and Finance, Financial Analysts Journal, and Journal of Portfolio Management. Professor Jensen was the recipient of research grants from the Investment Analysts Society of Chicago (1997 and 1998) and the Foundation for Managed Derivatives Research (2000). He holds a Ph.D. from the University of Nebraska-Lincoln.

Robert R. Johnson, CFA, is a senior vice president in the curriculum and examinations department at AIMR. Previously, he taught at Creighton University, where he was professor of economics and finance and the recipient of the universityÆs 1994 Robert F. Kennedy Award for Teaching Excellence. Mr. Johnson is the author of more than 40 articles in such publications as Journal of Financial Economics, Journal of Finance, Financial Analysts Journal, and Journal of Portfolio Management. He holds a Ph.D. from the University of Nebraska-Lincoln.

Jeffrey M. Mercer is associate professor and former chair of the department of finance in the College of Business at Northern Illinois University. Prior to rejoining the faculty at NIU, he served as vice president and director of research at Ibbotson Associates of Chicago. Professor MercerÆs published work appears in academic and practitioner journals, including Journal of Financial Economics, Journal of Financial Research, Financial Analysts Journal, Journal of Portfolio Management, and Journal of Futures Markets. He is a member of the Investment Analysts Society of Chicago and AIMR. Professor Mercer holds a Ph.D. in finance from Texas Tech University.


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By Mercator on October 18, 2014
Format: Paperback Verified Purchase
A big question for all investors is how Federal Reserve policy will affect the markets in the years ahead. This short book has some relevant data, but so much has changed from the 1960-1998 period that it considers. For example nowadays we judge mon policy by the FF rate (and QE), while this book uses the Discount Rate as the criterion. This book considers the effect of mon pol on stock size deciles, but it does not consider book-to market deciles.
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