The fund publishes detailed statistics on its holdings and insulates itself from politics by using asset management firms to make investments.
He says the Fed could simply begin targeting yields on longer-maturity bonds, using asset purchases if necessary.
Now being opened to the retail market, it differs from the other two in using asset allocation strategies - like the dollar against the euro, or the FTSE 100 compared with the FTSE 250 - rather than shorting individual stocks or markets.
Moody's concluded that while the concept of using asset management companies was sound, "the financial risks which were once thought to have been transferred out of the state banks may in fact be re-emerging, especially if the pace of resolution is slow".
That policy would sneakily shift demand from Germany to the periphery without bringing down the contractionary ECB hammer.The ECB might also be interested in seeing faster inflation and demand growth in the euro area but nervous about using asset purchases to try and engineer it.
We implement an extension of the WZH model in an agent-based simulation, using asset classes and price-levels directly modelled on currently available real-world data from markets relevant to cloud computing, for both service-providers provisioning and customers' demand patterns.
