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In business cycle terms; Any quantity that is positively correlated to the economy. For eg gdp is procyclical. In reference to economic policy, it refers to any aspect of economic policy that magnifies economic or financial fluctuations.

David, The question provides the spot curve with continuous compounded spot rates. and asks for a 2 year par yield. Wouldn't the solution be 2 year rate (.i.e 5%) why is the solution treating the spot curve as semi-annual compounding and calculating and equivalent continuous par yield. Don't...

David, Miller study set was updated recently, is that significantly different from the older set? Only difference I saw was newer set had lesser pages. Thanks

Thanks. Got it!

Both the questions under R8.P1.T2.Miller ask for 95% confidence of the realized average. Yet one uses the critical value of 1.65 and one uses 1.96. Why different critical values for same confidence in these two questions? Since there is no indication of two tailed or one tailed event, Shouldn't...