ABSTRACT
W i t h these part icular values (in part icular wi th adp = 0) it is only
the lagged effect of inflat ion which affects the index, and not the
current rate of inflat ion.
(g) Cash and redeemable bonds. The mode l proposed by W i l k i e
generates projected values for the yield on 2\% Consols . Th i s was
taken as a p roxy for yields on fixed interest securities more generally.
