Chapter 18
Relative Value in a Broader Perspective
Introduction
After focusing on the technical aspects of relative value analysis and trading, we conclude our discussion by taking a broader perspective on the macroeconomic functions of relative value analysis in society. At a time when professionals in the financial services industry increasingly need to justify their role in society, we believe it’s useful to offer a few thoughts about the role of arbitrage in society.
The Macroeconomic Role of Relative Value Analysis and Trading
The term standard of living means different things to different people. A macroeconomist might think of GDP per person when he hears this term. Parents might think of the infant mortality rate, while retirees might ...
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