Coming Out of the Recession? Best of British - AQR 2010

8/6/2019 Coming Out of the Recession? Best of British - AQR 2010

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Rdg Ngsr cj N~irisd,Rdg Ngsr cj N~irisd,Achbch >>Achbch >>hbhb _gprgmng~ >00


2/34

Pgrg~ Occpg~Pgrg~ Occpg~ Rdis plpg~ uls oc-u~irrgh ny Pgrg~ lhb mysgaj(

Pgrg~ uls chg cj rdg aglbihe \wlairlrizg ^gsgl~odg~s cj dis

eghg~lrich lhb pichgg~gb rdg wsg cj P~ckgorizg Rgodhi|wgs( Dg

slbay plssgb luly ch rd Jgn~wl~y >0009! lr rdg dgiedr cj rdg GochcmioO~isis(

Ug rdgh bgzgacpgb ir jc~ rdg G_CML^ Oche~gss alsr _gprgmng~

lhb > l~rioags ug~g rdgh pwnaisdgb ih Klhwl~y rdis ygl~( I rdgh

p~gsghrgb ir ih P~lewg ih Mly(


3/34

Blrl _cw~ogsBlrl _cw~ogs

\wlairlrizg ~gsgl~od uird Ochswmg~s lhb N>N

l~cwhb rdg uc~ab(

Mgrl-lhlaysis cj pwnaisdgb sw~zgys ch rdg

o~isis

Ochrghr lhlaysgs cj mgbil oczg~leg lhb

airg~lrw~g

^gsgl~od srl~rgb ih rdg WF lhb W_! lhb uls

rdgh gtrghbgb ih Gw~c! Alrih Lmg~iol lhb Lsil
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4/34

Rdg _rc~yRdg _rc~yGOCHCMIO

O^I_I_P~g-O~isis Pcsr-O~isis

Ljwgh{lJgl~ *Jgl~ *

Bgp~gssichBgp~gssichDcpg *

Hgu

Ngeihhihes


5/34

Olam ngjc~g rdg _rc~m;Olam ngjc~g rdg _rc~m;

Ljwgh{lLjwgh{lP~g-O~isis

Ljwgh{lLjwgh{l

IhbwaeghogIhbwaeghogMlrg~ilaismMlrg~ilaism

IhbizibwlaisIhbizibwlais

mm

E~ggbE~ggb

Mg-~srMg-~srIhg|wlairyIhg|wlairy


6/34

P~g O~isis - Hcr ih l ZlowwmP~g O~isis - Hcr ih l Zlowwm

_coila Bizisizghgss_coila Bizisizghgss

Gmcrichla bisr~gssGmcrichla bisr~gss^isihe Lheg~^isihe Lheg~

O~img * ZicaghogO~img * Zicaghog

Goc Ochog~hsGoc Ochog~hs

Bisr~wsr cj Lwrdc~iryBisr~wsr cj Lwrdc~iry

Rg~~c~ismRg~~c~ismUl~Ul~

Hlrw~la Bislsrg~sHlrw~la Bislsrg~s

Eacnla Ul~miheEacnla Ul~mihe

Oc~~wprichOc~~wprich


7/34

RDG GOCHCMIO O^I_I_RDG GOCHCMIO O^I_I_$_gprgmng~ >004)$_gprgmng~ >004)


8/34

Gochcmio OcaalpsgGochcmio OcaalpsgRdg

Gochcmio O~isisP~g-O~isis

Ljwgh{lLjwgh{l

IhbwaeghogIhbwaeghogMlrg~ilaismMlrg~ilaism

IhbizibwlaisIhbizibwlais

mm

E~ggbE~ggb

Mg-~srMg-~srIhg|wlairyIhg|wlairy

Jgl~Jgl~

Bgp~gssichBgp~gssichLhtigryLhtigry

^ge~gssich^ge~gssich

OdlaaghegOdlaagheg


9/34

Gochcmio MlalisgGochcmio Mlalisg

Lhtigry! Jgl~Lhtigry! Jgl~

Bgp~gssich! EwiarBgp~gssich! Ewiar

Impli~gb ocpiheImpli~gb ocpihe

Pdysiola bisr~gssPdysiola bisr~gss

Bisrw~ngb saggpBisrw~ngb saggp

Whdglardy glrihe! gtogss b~ihfihe! swnsrlhogWhdglardy glrihe! gtogss b~ihfihe! swnsrlhoglnwsglnwsg


10/34

drrp;##uuu(mihb(c~e(wf#hgus#??5>Suc~fg~sSrw~hSrcSlhribgp~gsslhrsSlsS~gogssichSrlfgsSirsSrcaa


11/34

Bgmce~lpdio Bijjg~ghogsBgmce~lpdio Bijjg~ghogs

Mgh mc~g zwahg~lnag rc acss cj kcn lhb zi~iairyMgh mc~g zwahg~lnag rc acss cj kcn lhb zi~iairy

Ucmgh elih mc~g swppc~r j~cm ocmmwhiryUcmgh elih mc~g swppc~r j~cm ocmmwhiry

Cabg~ pgcpag n~cwedr wp uird rd~ijry zlawgsCabg~ pgcpag n~cwedr wp uird rd~ijry zlawgs

Nawg ocaal~ sgorc~s ocpg ngrrg~ rdlh udirg ocaal~Nawg ocaal~ sgorc~s ocpg ngrrg~ rdlh udirg ocaal~

^goghr e~lbwlrgs bggpay lhticws^goghr e~lbwlrgs bggpay lhticws


12/34

Rdg îppag GjjgorRdg îppag Gjjgor

Bi~gor

Implor

Pl~rila Implor

Lrmcspdg~io Implor

LRMC_PDGÎO

IMPLOR

Ihwghogb ny

mccb cj rdg

ocwhr~y! mgbil!

sdcps! dgl~sly

$o(70')

PL^RILA IMPLOR

Lorwla c~ aifgay sdc~r

rg~m uc~f! j~ighbs! jlmiay

bi~goray ljjgorgb $o(>0-

>7')

BI^GOR IMPLOR

Alib-cjj! rd~glr cj

bispcssgssich! gtogssizgbgnrs $o(


13/34

AIZIHE RD^CWEDAIZIHE RD^CWED

RDG ^GOG__ICHRDG ^GOG__ICH


14/34

P^G-OÎ_I_ OÎ_I_ PC_R-OÎ_I_

P^G-OÎ_I_ OÎ_I_ PC_R OÎ_I_

_DL^CH >4! ^G_GLÔD L__I_RLHR_DL^CH >4! ^G_GLÔD L__I_RLHR


15/34



ILH 70! CUH_ CUH NW_IHG__ILH 70! CUH_ CUH NW_IHG__


16/34



KIAA! 20! _IHEAG MWMKIAA! 20! _IHEAG MWM


17/34

^GOG__ICH P_YODCACEY^GOG__ICH P_YODCACEY

^ge~gssich;^ge~gssich;Dcmg! Ocmjc~rDcmg! Ocmjc~r

Jccb! _ghsgsJccb! _ghsgs

Nlof rc Nlsios;Nlof rc Nlsios;R~lbirichla N~lhbsR~lbirichla N~lhbs

R~wsr! BgpghbghogR~wsr! Bgpghbghog

Zlawg! jggaiheZlawg! jggaihe

_ml~r_ml~r

GsolpismGsolpism

RgmprlrichsRgmprlrichsDwmcw~Dwmcw~

Jgl~Jgl~Uirdb~lulaUirdb~lula

Pdysiola _r~gssPdysiola _r~gss

_coila ^galrichs_coila ^galrichsLzcib bispalyLzcib bispaly

Jc~eg laailhogsJc~eg laailhogs

_coila Wh~gsr_coila Wh~gsr

Lheg~;Lheg~;

_olpgeclrs_olpgeclrs

NalmgNalmg


18/34


19/34

UIHRG^ CJ BI_OCHRGHR3UIHRG^ CJ BI_OCHRGHR3

Ij ycw dlzg mlbg ir rdis jl~! Oche~lrwalrichs,

Dcugzg~ ug l~g pg~dlps sggihe l Bcwnag bip ^gogssich ih rdg WFls scmg cj cw~ Psyodcb~luihes p~gbiorgb(

Gochcmio Owrs uiaa srl~r ih Corcng~(

_coila Wh~gsr l ~gla pcssiniairy Whichs uiaa rlfg rc rdg sr~ggrs! Ochswmg~s uiaa egr srwof ih

rdg o~css-~g(

Oagee is hcu l R~lirc~

Rdg ^iod uiaa srl~r rc egr ~iodg~! lelih( Lhb rdg Pcc~g~ uiaaiho~glsg ih si{g(

Ihbggb rdg acheg~ ir rlfgs rc ~goczg~ rdg mc~g lhe~y lhbwhjc~eizihe rdg ~gla swjjg~g~s uiaa egr( Crdg~s uiaa nwrrch bcuhlhb lbcpr l Nair{ rypg mghrlairy whria ug ~g-gmg~eg(


20/34


21/34

PC_R-^GOG__ICHPC_R-^GOG__ICH


22/34

Gmg~eihe j~cm rdg ^gogssichGmg~eihe j~cm rdg ^gogssichO~isis

P~g-O~isis Pcsr-O~isis

Ljwgh{lJgl~ *Jgl~ *

Bgp~gssichBgp~gssich

Dcpg *

Hgu

NgeihhihesO~glriziry

Ocmmwhiry

Ghzi~chmghr

^gspchsiniairyGrdios


23/34

Ls P~gsibghr Cnlml slib ih dis ihlwew~la spggod;Ls P~gsibghr Cnlml slib ih dis ihlwew~la spggod;

ug dlzg odcsgh dcpg czg~ jgl~! whiry cj pw~pcsgug dlzg odcsgh dcpg czg~ jgl~! whiry cj pw~pcsgczg~ ochior lhb bisoc~b(czg~ ochior lhb bisoc~b(


24/34

Rdg Dlppy Ocwpag;Rdg Dlppy Ocwpag;

L disrc~io hgu bi~gorich! l bi~gorich cj dcpg lhb whiry! ochziorichL disrc~io hgu bi~gorich! l bi~gorich cj dcpg lhb whiry! ochziorich

lhb ocmmch pw~pcsg.(lhb ocmmch pw~pcsg.(
http://www.guardian.co.uk/politics/gallery/2010/may/12/?picture=362544127http://www.guardian.co.uk/politics/gallery/2010/may/12/?picture=362544127http://www.guardian.co.uk/politics/gallery/2010/may/12/?picture=362544127


25/34

Pcsr-O~isis GtpgorlrichsPcsr-O~isis Gtpgorlrichs

P^G-OÎ_I_P^G-OÎ_I_

E~curd lhb JlaaE~curd lhb Jlaa

CHECIHECHECIHE

OÎ_I_OÎ_I_

PC_R-OÎ_I_PC_R-OÎ_I_

GTPGORLRICH_GTPGORLRICH_

Wp nwr Bijjg~ghrWp nwr Bijjg~ghr

Rimg

GochcmioGochcmio

OchjibghogOchjibghog


26/34

Pcsr-O~isis PsyodcaceyPcsr-O~isis Psyodcacey

Hgu ^glairigs;Hgu ^glairigs;

\wgsrichihe zlawgs\wgsrichihe zlawgs

^g-gzlawlrihe^g-gzlawlrihe

UgaangiheUgaangihe

DcpgDcpg

Dlppihgss#jggaiheDlppihgss#jggaihe

wpwp

^gjc~m^gjc~m

O~glriziry# BIYO~glriziry# BIY

Odlheg acylarigsOdlheg acylarigs

Grdiola bimghsich;Grdiola bimghsich;

^gspchsiniairy^gspchsiniairy

^gspgor^gspgor

OcmmwhirigsOcmmwhirigs

Ol~iheOl~ihe

_wppc~r#ochhgoric_wppc~r#ochhgoric

hshs

OcehirichOcehirich

Nlalhoihe gmcrichsNlalhoihe gmcrichs

PalhhihePalhhihe


27/34

Bggp Gtisrghrila UlhrsBggp Gtisrghrila Ulhrs

J~gsd mglhihe rc my aijgJ~gsd mglhihe rc my aijg

J~ggbcm rc mlfg my cuh odciogs ih aijgJ~ggbcm rc mlfg my cuh odciogs ih aijg

_dl~ihe my jggaihes uird crdg~s_dl~ihe my jggaihes uird crdg~s

_gaj-~gspgor bgspirg gochcmio p~gssw~gs_gaj-~gspgor bgspirg gochcmio p~gssw~gs

^grlihihe ibgls I dcab bgl~^grlihihe ibgls I dcab bgl~

Ngihe lofhcuagbegb lhb lpp~goilrgb nyNgihe lofhcuagbegb lhb lpp~goilrgb nycrdg~scrdg~s


28/34

DLPPIHG__DLPPIHG__

Udlr lncwr uglard zs dlppihgss3Udlr lncwr uglard zs dlppihgss3

Laa rdg siehs l~g rdlr pcsr-o~isis ochswmg~s l~gLaa rdg siehs l~g rdlr pcsr-o~isis ochswmg~s l~g

sggfihe dlppihgss ngjc~g pw~g uglard(sggfihe dlppihgss ngjc~g pw~g uglard(

Eczg~hmghrs rcc l~g ~gocehisihe rdis ! dghogEczg~hmghrs rcc l~g ~gocehisihe rdis ! dghog

P~gsibghr _l~fc{y`s ibgl cj l


29/34

Pcsr-O~isis Ochswmg~Pcsr-O~isis Ochswmg~

GmlhoiplrgbGmlhoiplrgb

Gmpcug~gb lhb aing~lrgbGmpcug~gb lhb aing~lrgb

O~iriola! \wgsrichihe! mc~g Bisog~hiheO~iriola! \wgsrichihe! mc~g Bisog~hihe

_ggfihe l hgu ~glairy_ggfihe l hgu ~glairy

Ocaalnc~lrizg! Oc-O~glriheOcaalnc~lrizg! Oc-O~glrihe


30/34

Pcsr-O~isis Ml~fgr ^gsgl~odPcsr-O~isis Ml~fgr ^gsgl~od

Bgoaihihe

pl~rioiplrich

Iho~glsihebcwnrs lncwr

~gailniairy lhb

zlaibiry

Blrgb mcbga

O~isisP~g-

O~isis

Pcsr-O~isis

Gmlhoiplrgb

Oiri{ghs

_cw~og cjbgmco~loy lhb

ihwghog

Oc-o~glrihe

Ocaalnc~lrihe

Ocmmwhirigs

B~lmlrioB~lmlrio

Odlhegs ihOdlhegs ih

LrrirwbgsLrrirwbgs

lhblhb

Ngdlzicw~Ngdlzicw~


31/34

Pcsr-O~isis ; Rcul~bs l HguPcsr-O~isis ; Rcul~bs l Hgu

^glairy^glairy Ochswmg~s lhb nwsihgss hcu ulhr rc ec ngychb rdg o~isis rcul~bs l hguOchswmg~s lhb nwsihgss hcu ulhr rc ec ngychb rdg o~isis rcul~bs l hgu~glairy(~glairy(

Ls ~goczg~y rlfgs sdlpg ! ug b~lu cwr rdg jcaacuihe 5 p~gbiorichs6Ls ~goczg~y rlfgs sdlpg ! ug b~lu cwr rdg jcaacuihe 5 p~gbiorichs6

( Ochswmg~s l~g sggfihe l hgu ~glairy j~cm n~lhbs lhb ocmmwhiolrich(Ochswmg~s l~g sggfihe l hgu ~glairy j~cm n~lhbs lhb ocmmwhiolrich(

?(?( Hgu psyodc-e~lpdio lhb bgmce~lpdio sgemghrlrichs l~g gmg~eihe(Hgu psyodc-e~lpdio lhb bgmce~lpdio sgemghrlrichs l~g gmg~eihe(

2(2( Ml~fgr ~gsgl~od lhb ml~fgrihe uiaa ngocmg mc~g pw~pcsgjwa! sgaj- ~ghguihe lhbMl~fgr ~gsgl~od lhb ml~fgrihe uiaa ngocmg mc~g pw~pcsgjwa! sgaj- ~ghguihe lhb

mwari-bisoipaihl~y(mwari-bisoipaihl~y(

7(7(

Whbg~srlhbihe rdg pcsr-o~isis gtpg~ighog uiaa ~g|wi~g aizihe uird ochswmg~s lrWhbg~srlhbihe rdg pcsr-o~isis gtpg~ighog uiaa ~g|wi~g aizihe uird ochswmg~s lr

hgu agzgas(hgu agzgas(

:(:( N~lhbs olh ngocmg rdg~lpigs dgapihe pgcpag rc ocpg uird rdg hgu ~glairy!N~lhbs olh ngocmg rdg~lpigs dgapihe pgcpag rc ocpg uird rdg hgu ~glairy!

p~czibihe swppc~r! ochbghog! ocmjc~r! ochrghrmghr lhb dlppihgss(p~czibihe swppc~r! ochbghog! ocmjc~r! ochrghrmghr lhb dlppihgss(

5(5( N~lhbs uiaa lasc iho~glsiheay ngocmg palrjc~ms jc~ ochswmg~s rc gtp~gss udc rdgyN~lhbs uiaa lasc iho~glsiheay ngocmg palrjc~ms jc~ ochswmg~s rc gtp~gss udc rdgy

l~g lhb udc rdgy l~g hcr ih iho~glsiheay mwari-mgbil ulys(l~g lhb udc rdgy l~g hcr ih iho~glsiheay mwari-mgbil ulys(


32/34

Lhb Ache aizg Cjihg ^gsgl~od,Lhb Ache aizg Cjihg ^gsgl~od, \wlairlrizg ^gsgl~od is hcr oyhiola mlhipwalrich ih c~bg~ rc\wlairlrizg ^gsgl~od is hcr oyhiola mlhipwalrich ih c~bg~ rc

~lisg p~cr( $ ls scmg mly dlzg rdcwedr ih rdg plsr)(~lisg p~cr( $ ls scmg mly dlzg rdcwedr ih rdg plsr)(

Ihsrglb ir is rdg chay uly cj eghwihgay elihihe ihsiedr lhbIhsrglb ir is rdg chay uly cj eghwihgay elihihe ihsiedr lhb

bgprd rd~cwed iho~glsgb gmplrdy lhb sdl~ihe(bgprd rd~cwed iho~glsgb gmplrdy lhb sdl~ihe(

Udiasr rgodhcacey lhb scoila hgruc~fihe chaihg uiaaUdiasr rgodhcacey lhb scoila hgruc~fihe chaihg uiaa

ochrihwg rc e~cu! rdg~g is gzibghog rdlr mlhy ~g|wi~g rdgochrihwg rc e~cu! rdg~g is gzibghog rdlr mlhy ~g|wi~g rdg

nlsio dwmlh hggb cj ~gla ochrlor uird aifgmihbgb crdg~s(nlsio dwmlh hggb cj ~gla ochrlor uird aifgmihbgb crdg~s(

Chaihg \wla cj ocw~sg dls irs nghgrs! nwr olh ng l airragChaihg \wla cj ocw~sg dls irs nghgrs! nwr olh ng l airragb~y(b~y(

Ocaalnc~lrizg! Oc-o~glrich Uc~fsdcps nlsgb ch mwrwlaOcaalnc~lrizg! Oc-o~glrich Uc~fsdcps nlsgb ch mwrwla

~gspgor lhb whbg~srlhbihe uiaa ngocmg iho~glsiheay~gspgor lhb whbg~srlhbihe uiaa ngocmg iho~glsiheay

impc~rlhr ls ochswmg~s ulhr rc ng dgl~b lhb ihzcazgb ihimpc~rlhr ls ochswmg~s ulhr rc ng dgl~b lhb ihzcazgb ih


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leg cj E~ggb lhb Mlrg~ilaism( Ulhr uls mc~gleg cj E~ggb lhb Mlrg~ilaism( Ulhr uls mc~gimpc~rlhr rdlh Hggb( L srlrg cj Ljwgh{limpc~rlhr rdlh Hggb( L srlrg cj Ljwgh{lgtisrgb(gtisrgb(

Rdg o~isis dir gzg~ychg ih l bggpay gmcrichlaRdg o~isis dir gzg~ychg ih l bggpay gmcrichlauly! lhb ochrihwgs( Aijg dls odlhegb( Zlawgs dlzguly! lhb ochrihwgs( Aijg dls odlhegb( Zlawgs dlzgOdlhegb( Lspi~lrichs dlzg Odlhegb(Odlhegb( Lspi~lrichs dlzg Odlhegb(

Ih rdg hgu gmg~eihe pcsr ^gogssich uc~abIh rdg hgu gmg~eihe pcsr ^gogssich uc~ab\wlairlrizg ^gsgl~od lelih dls l zirla ~cag rc paly(\wlairlrizg ^gsgl~od lelih dls l zirla ~cag rc paly(Rc dgap Ml~fgrg~s lhb Ihhczlrc~s mlhlegRc dgap Ml~fgrg~s lhb Ihhczlrc~s mlhlegochswmg~s bgmlhbs lhb gtpgorlrichs udiasrochswmg~s bgmlhbs lhb gtpgorlrichs udiasrfggpihe rdgm ihzcazgb lhb slrisgb(fggpihe rdgm ihzcazgb lhb slrisgb(


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Bchr jc~egr rc nwyBchr jc~egr rc nwyycw~ olhbags,ycw~ olhbags,

Rdlhf ycw zg~y mwodRdlhf ycw zg~y mwod

\^i Ochswarihe Arb

7< _r Ml~rihs Alhg! Achbch! UO>H 2GLgmlia; |~i@|~iochswarihe(ocm

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Coming Out of the Recession? Best of British - AQR 2010

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