Abstract: 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).
Publication Year: 1997
Publication Date: 1997-06-01
Language: en
Type: article
Indexed In: ['crossref']
Access and Citation
Cited By Count: 58
AI Researcher Chatbot
Get quick answers to your questions about the article from our AI researcher chatbot