1、1 / 17 1996 ( )- 3 - 3 - 3 - 3 1997 ( )- 4 - 4 - 4 - 4 - 5 1998 ( )- 6 - 6 - 6 - 6 - 7 1999 ( )- 8 - 8 - 8 - 8 - 9 2000 ( )- 9 - 9 - 10 - 10 - 10 2001 ( )- 11 - 11 - 11 - 11 - 12 2002 ( )- 12 - 12 - 12 - 13 - 13 2003 ( )- 13 - 13 - 13 - 14 - 14 - 14 - 14 - 14 - 14 2005 ( )- 14 - 14 - 14 - 14 2 / 17
2、2006 ( ) - 15 - 15 - 15 - 15 - 15 2007 ( ) - 15 - 15 - 15 - 15 - 15 2008 ( ) - 15 - 15 - 16 - 16 - 16 2009 ( ) - 16 - 16 - 16 - 16 - 16 2010 ( ) - 16 - 16 - 16 - 16 - 16 2011 ( ) - 17 - 17 - 17 - 17 - 17 - 17 - 17 http:/ 3 / 17 1996 ( ) 15 15 94 20 16 1 necessity and luxury assets 2 reserve 3 the te
3、rm structure of interests rates 4 open-end mutual funds 19 | CLB | R CLG | C F | R | D BLG | CLB BLP 1 M 1 H r e M 1 m 2 PSBR PrLG H=PSBR- PrLG+ CLB+ F 3 1 B 2 BLG PSBR= CLG+ B+ BLG, M=PSBR- B+ BLP+ F 15 30 1 2 3 4 5 6 APEC 30 1 10 2 10 3 10 20 A B 20 4 / 17 1997 ( ) 1 15 1 Ff5.1010-5.1020/$1 swap rate 30-20 _ 2 2000 _ _ 3 _ _ _ 4 1 2 3 5 _ 6 _ 7 _ _ _ _ 10 law of one price purchasing power parity 4 8 1 2 1 1 2 C F R 3 4 5 12 3 15 1 2 3 4 5 10 1 Erik Lindhal _ PA Samcelson _ 2
