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Real Estate Returns and Inflation

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  • David Hartzell
  • John S. Hekman
  • Mike E. Miles

Abstract

The ability of assets to protect an investor from purchasing power risk due to inflation has received a good deal of attention in the literature recently. The focus of much of this research has been on the properties of common stocks as inflation hedges. Bodie [1976] finds that the real return on equity is negatively related to both anticipated and unanticipated inflation; a similar result is obtained by Fama and Schwert [1977]. Bernard and Frecka [1983] examine individual common stock returns and find that the majority exhibit this negative relationship. This paper uses similar logic to examine the ability of a well‐diversified portfolio of real estate to hedge against anticipated and unanticipated inflation.

Suggested Citation

  • David Hartzell & John S. Hekman & Mike E. Miles, 1987. "Real Estate Returns and Inflation," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 15(1), pages 617-637, March.
    • Handle: RePEc:bla:reesec:v:15:y:1987:i:1:p:617-637
    DOI: 10.1111/1540-6229.00407
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