By Brian Snowdon

The Encyclopedia of Macroeconomics is an authoritative and necessary reference resource on macroeconomics which embraces definitions of phrases and ideas, conflicting ideological methods and the contributions of significant thinkers. entire in scope, it comprises over three hundred brief entries and greater than a hundred in particular commissioned major entries from an across the world popular staff of students.

The alphabetically ordered entries could be worthwhile either as a simple reference resource and a provocative stimulus for additional examining. The Encyclopedia will quickly be validated as a number one reference resource on macroeconomics that would either enlighten scholars and be hugely valued via students and lecturers of economics.

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**Extra info for An Encyclopedia of Macroeconomics**

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9) Xt One can verify that an analogous result holds in the percentage case in Eq. 2 Note, finally, that this result relies on the Gaussian assumption in Eq. 8). 10) for some vector of constants σbs . In this case, an index of expected annualized BP volatility (not variance) is easily seen to equal, KY = Xt T −t e σbs (T −t) T −t −1 . 11) reveals the intuitive property that expected BP volatility is the product of the forward, Xt , times a pure volatility component. In Sect. 4 (see 2 The assumption in Eq.

10, which reproduces the top panel of Fig. 2). 46 2 Variance Contracts: Fixed Income Security Design Fig. 11 Left panel: A Basis Point expected volatility index, calculated as in Eq. 32), compared to the Basis Point ATM volatility, depicted as a function of the forward. Right panel: A percentage expected volatility index, calculated as in Eq. 33). 1 increased by a positive parallel shift of 35 percentage points Finally, an increase in the forward swap rate associated with increased uncertainty can be interpreted as the result of decreased risk appetite, a credit crunch, or a combination of the two, such as during some periods in the early part of 2009.

If Nt is random and only measurable with respect to the information set at time t, a replication argument based on Eq. 18) breaks down. Note that Carr and Corso (2001) deal with markets with constant interest rates and where Nt is just the money market account, such that replication of varX,n is possible in their setup. Naturally, hedging requires not only dealing with the third term in Eq. 17) but also with the first and the second. 2 establishes that in a continuous time 4 Martin (2013) has also recently considered the same setup in Carr and Corso (2001) assuming constant interest rates.