<p>Introduction: Asset Allocation: Indexing, Smart Beta and Value Timing</p> <p>Part I: Arbitrage and Mobility1. Arbitrage, Mobility and Equilibrium Price2. The Investment and Policy Insights and Implications Derived from Arbitrage and Mobility3. Are Commodity Price Increases Equivalent to Tax Increases?4. The Terms of Trade5. Yields, Risk Premium, and Terms of Trade6. The Competitive Economic Environment: Lessons from the States7. Economic Policy and Performance: The Small-Cap and Country Effects8. Migration: A Political Problem, an Economic Problem, or Both?</p> <p>Part II: The Trade Balance9. The Macro Perspective10. Diversity and Harmonization11. The State Competitive Environment: Integration and Convergence12. The Degree of Global Integration and National Economies’ Policy Options and Limitations13. A Unified Theory: The Terms of Trade, Real GDP Growth Rate Differentials, Trade Balance, Capital Flows, and Relative Stock Market Performance</p> <p>Part III: Exchange Rate and the Terms of Trade14. Protectionism, Devaluation, and the Terms of Trade15. Exchange Rates, Devaluations and the Terms of Trade16. The Nominal Exchange Rate, the Terms of Trade, and the Economy17. The U.S. Experience: An Interpretation18. Relative Price Changes, Income Redistribution, and the Politics of Envy19. Self-sufficiency, Nationalism, and Protectionism: The Common Elements20. Mercantilism Does Not Make for Good Economics</p> <p>Part IV: The Balance of Payments21. Building Block IV, Global Investing the Balance of Payments22. Monetary Views: Part I23. Monetary Views: Part II24. The Greenspan Monetary Rule25. Transparency and Rule-Based Monetary Policy26. A Single or Dual Mandate?27. The Demise of the Global Price Rule28. The U.S. Inflation Rate29. The Exchange Rate and Rest of the World Inflation</p> <p>Part V: China--A Case Study30. China in a Global Economy: An Interpretation31. Examining China: Wealth, Income, and the Savings Rate32. Examining China: Purchasing Power Parity, Terms of Trade, and Real Exchange Rates33. Examining China: Economic Growth, Exchange Rates, and Relative Stock Performance34. Examining China: Monetary Policy, Inflation Potential under a Floating Exchange Rate System35. Examining China: Monetary Policy, Inflation Potential under a Fixed Exchange Rate System36. Examining China: As a Non-Reserve Currency Country</p>
