Inflation and real stock prices
A time series measure of expectations is used to demonstrate the existence of an inverse relationship between inflation and real stock prices, even after controlling for output shocks. This provides some evidence against Fama's famous conjecture (Fama, E., 1981, Stock returns, real activity, inflation, and money, American Economic Review, Sept, 545 - 565).
Volume (Year): 7 (1997)
Issue (Month): 3 ()
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