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Thanks, duly noted, and I agree. Let us call it an "indicator".


Fisher, in his most recent book, talks about using a simple GDP-weighted yield curve that includes the 23 countries in the MSCI World Index. He doesn't try to account for currencies or trade arrangements, and I'm not sure you'd need to for a rough shape-of-the-curve exercise. I want to construct something similar to play with, but I haven't been able to find the data. What do you think?
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