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| Tekijä: | Kaul, G. |
| Otsikko: | Stock returns and inflation. The role of the monetary sector. |
| Lehti: | Journal of Financial Economics
1987 : JUN, VOL. 18:2, p. 253-276 |
| Asiasana: | STOCK MARKETS INFLATION MONEY DEMAND MONEY SUPPLY |
| Kieli: | eng |
| Tiivistelmä: | It is hypothesized that the relation between stock returns and inflation is caused by the equilibrium process in the monetary sector. It is argued that these relations vary over time in a systematic manner depending on the influence of money demand and supply factors. Post war evidence from the United States, Canada, the United Kingdom and Germany indicates that the negative stock return-inflation relations are caused by money demand and counter-cyclical money supply effects. Pro-cyclical movements in money, inflation, and stock prices during the 1930s' led to relations either positive or significant. |
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