The Theory and Measurement of Stock-Market Indices

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This project should promote an innovation culture in Australia by designing new benchmark indices for evaluating the performance of fund managers (and other uses), thus encouraging the allocation of funds to their most productive uses. It will produce a better measure of asset price inflation than any currently in existence which will be of use to the Reserve Bank in the setting of monetary policy. This project will also enhance the reputation of Australian universities as centres of cutting-edge academic research, provide a thesis topic for a PhD student, and help build links between the academic and private sectors.