Abbreviations Glossary ACA: Affordable Care Act NAHB: National Association of Home Builders NATO: North Atlantic Treaty Organization BEA: Bureau of Economic Analysis NBER: National Bureau of Economic Research BIS: Bank for International Settlements NIPA: national income and product accounts BLS: Bureau of Labor Statistics NIRP: negative interest rate policy BOE: Bank of England BOJ: Bank of Japan OECD: Organisation for Economic Co-operation and Development OPEC: Organization of the Petroleum Exporting Countries CAGR: compound annual growth rate CDS: credit default swap PBOC: People’s Bank of China CFO: chief financial officer PCE: personal consumption expenditures CFTC: Commodity Futures Trading Commission PE: price to earnings CPI: consumer price index PPI: Producer Price Index PPP: purchasing power parity EAFE: Europe, Australasia and the Far East QE: quantitative easing ECB: European Central Bank EM: emerging market S&P: Standard and Poor’s EMD: emerging market dollar debt EMLD: emerging market local debt TIPS: Treasury Inflation-Protected Securities EMEA: Europe, the Middle East and Africa TOPIX: Tokyo Price Index EMU: European Monetary Union EPS: earnings per share UK: United Kingdom ETF: exchange-traded fund US: United States FTSE: Financial Times Stock Exchange VAT: value-added tax FX: Foreign Exchange YoY: year-over-year GBP: British pound GDP: gross domestic product GFC: global financial crisis GIR: [Goldman Sachs] Global Investment Research GPIF: Government Pension Investment Fund GSCI: Goldman Sachs Commodity Index IGFI: Investment grade fixed income IMF: International Monetary Fund ISIL: Islamic State of Irag and the Levant ISM: Institute of Supply Management JGB: Japanese government bond LBO: leveraged buyout LIBOR: London Interbank Offered Rate LSI: Liquidity Stress Index M&A: merger and acquisition MLP: master limited partnership mmbd: million barrels per day MSCI: Morgan Stanley Capital International HOUSE_OVERSIGHT_014613