The Price of Gold A Global Required Yield Theory【外文原文】.pdf

文档介绍：ThePriceofGold:AGlobalRequiredYieldTheoryCHRISTOPHEFAUGEREANDJULIANVANERLACHCHRISTOPHEFAUGEREssessingthefairvalueofgoldlai^elyincludingthepeakpricesofgold,-:inyinAlbany,.******@-asinflationandexchangerates,,iavillani[1996]showthat,isCEOofNexxusWealthandotherassetclasses.-afterexcludingthesharpriseingoldpricesinTechnologies,Inc..,abouthalfofthevarianceinhowinflation,exchangerates,andotherassetUSDgoldpricesduringtheperiod1982-1990classesmaytogetheraffectgoldpricing,.[2002]--goldpricevolatilitybyappealing{forexample)strateatheoreticalandempiricallinkbetweentochangesintherealinterestrateandtheUSDgoldpriceandinflation,foreignexchangerates,versustherestoftheworld',however,weighsrequiredyieldtheory,whichwesetoutinheavilyonthesidethatgoldpricingappar-FaugereandVanErlach|2003].[20031concludesviathegeneralrequirementtoearnamin-thatthereisnostatisticallysignificantcorrela-imumexpectedafter-taxrealreturnequaltotionbetweenrealreturnsongoldandchangeslong-termgrossdomesticproductpercapitainmacroeconomicvariablessuchasGDP,,andintere