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| Tekijä: | Ely, D. P. Robinson, K. J. |
| Otsikko: | Are stocks a hedge against inflation? International evidence using a long-run approach |
| Lehti: | Journal of International Money and Finance
1997 : FEB, VOL. 16:1, p. 141-167 |
| Asiasana: | STOCKS INFLATION PRICES |
| Kieli: | eng |
| Tiivistelmä: | This study uses a reduced-form approach and recent advances in the theory of cointegration to investigate the evidence on the relationship between goods prices and stock prices. This allows to test if stocks maintain their value relative to goods prices and whether these response patterns depend on the source of inflation shocks. The results indicate that stocks maintain their value relative to the movements in overall price indexes. The conclusion does not depend on whether the source of the inflation shock is from the monetary or real sector. |
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