Retrieve the argument of a prior Ex mode command

At the bash prompt, I often use the [Alt+.]¹ keyboard action to retrieve
the argument of a prior command from the bash history list.

To illustrate:

| $ mkdir -p long/directory/name/I/would/rather/not/type/again
| $ cd [Alt+.]

Bash expands the [Alt+.] giving me:

| $ cd long/directory/name/I/would/rather/not/type/again

So I just have to hit enter.

Naturally, this is not limited to the last command: I can hit [Alt+.]
twice to retrieve the argument of the last-but-one command.. etc.

I'm used to doing this in bash and I find it a lot more effective than
retrieving entire commands and editing them (in this case, retrieving
the mkdir command & replacing 'mkdir -p' by 'cd').

Is there any way I could do this in Vim's ex-mode?

CJ

¹ means.. holding down the Alt key and hitting the dot key ('.'). The
braces are only added for legibility..

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