Inflation, Portfolio Choice, and the Price of Land and Corporate Stock
AbstractThis paper presents an explicit model of portfolio demand and uses it to show how the rate of inflation and its variances affect the real prices of land and of common stock. The analysis is thus an extension of two of the author's earlier papers which studied how the interaction of inflation and tax rules alter the real prices of land and stock. The analysis shows the importance of going beyond the traditional assumption that netâ€”ofâ€”tax yields are equated for all assets.
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Bibliographic InfoPaper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 0526.
Date of creation: Aug 1980
Date of revision:
Publication status: published as Feldstein, Martin. "Inflation, Portfolio Choice, and the Prices of Land and Corporate Stock." American Journal of Agricultural Economics, Vol. 62, No. 5, (December 1980), pp. 910-916.
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Postal: National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.
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