Inflation uncertainty and excess returns on stocks and banks
研究了通胀不确定性对股票和债券超额收益的影响，通过对比实际超额收益与假设投资者忽视不确定性时的预期收益，发现忽略通胀不确定性平均只导致较小的定价误差。
This paper investigates the relation between inflation uncertainty and excess returns on stocks and bonds. It quantifies the effect of inflation uncertainty by comparing actual excess returns with those expected by a hypothetical naive investor who treats inflation forecasts as if they were known with certainty. The evidence suggests that ignoring inflation uncertainty results in only small pricing errors, on average.