PETER S. SPIRO is Head of the Economic Forecasts Section at Ontario Hydro, one of North America's largest electric utility companies. In this capacity, he provides advice regarding a large borrowing program and also the investments of the corporation's pension fund. He was Manager of Fixed Income Investments for a major international corporation's pension fund, and was a lecturer on economics at the University of Toronto. Spiro has specialized in the study of interest rates throughout his career, and his original research on the subject has been published in numerous professional periodicals.

• Preface Real Interest Rate Volatility and Inflation in a Historical Perspective Distinguishing between Real Interest Rates and Money Interest Rates Real Profit Rates and Monetary Policy as Determinants of Interest Rates The Elusive Effects of Government Deficits on Interest Rates The Effects of Inflation on Short-Term Interest Rates Inflation and Bond Yields Alternative Financing Instruments for Coping with Uncertainty about Inflation International Interest Differentials and Exchange Rate Risk The Impact of Interest Rate Changes on Stock Prices The Challenge of Forecasting Interest Rates to Improve Investment Returns Indexes

PETER S. SPIRO is Head of the Economic Forecasts Section at Ontario Hydro, one of North America's largest electric utility companies. In this capacity, he provides advice regarding a large borrowing program and also the investments of the corporation's pension fund. He was Manager of Fixed Income Investments for a major international corporation's pension fund, and was a lecturer on economics at the University of Toronto. Spiro has specialized in the study of interest rates throughout his career, and his original research on the subject has been published in numerous professional periodicals.

• Preface Real Interest Rate Volatility and Inflation in a Historical Perspective Distinguishing between Real Interest Rates and Money Interest Rates Real Profit Rates and Monetary Policy as Determinants of Interest Rates The Elusive Effects of Government Deficits on Interest Rates The Effects of Inflation on Short-Term Interest Rates Inflation and Bond Yields Alternative Financing Instruments for Coping with Uncertainty about Inflation International Interest Differentials and Exchange Rate Risk The Impact of Interest Rate Changes on Stock Prices The Challenge of Forecasting Interest Rates to Improve Investment Returns Indexes

PETER S. SPIRO is Head of the Economic Forecasts Section at Ontario Hydro, one of North America's largest electric utility companies. In this capacity, he provides advice regarding a large borrowing program and also the investments of the corporation's pension fund. He was Manager of Fixed Income Investments for a major international corporation's pension fund, and was a lecturer on economics at the University of Toronto. Spiro has specialized in the study of interest rates throughout his career, and his original research on the subject has been published in numerous professional periodicals.

• Preface Real Interest Rate Volatility and Inflation in a Historical Perspective Distinguishing between Real Interest Rates and Money Interest Rates Real Profit Rates and Monetary Policy as Determinants of Interest Rates The Elusive Effects of Government Deficits on Interest Rates The Effects of Inflation on Short-Term Interest Rates Inflation and Bond Yields Alternative Financing Instruments for Coping with Uncertainty about Inflation International Interest Differentials and Exchange Rate Risk The Impact of Interest Rate Changes on Stock Prices The Challenge of Forecasting Interest Rates to Improve Investment Returns Indexes