This paper derives a single-beta asset pricing model in a multi-good, continuous-time model with uncertain consumption-goods prices and uncertain investment opportunities. When no riskless asset exists, a zero-beta pricing model is derived. Asset betas are measured relative to changes in the...

This article examines key uses and misuses of models in investment management, focusing on lessons from fixed income. Mortgage risks and risk estimation, as well as bank loan and corporate bond risk estimation are examined