Do Forest Assets Hedge Inflation?
研究了美国西部、南部和东北部森林收益与通货膨胀的历史关系，发现西部和南部森林能有效对冲超预期通胀，但高预期通胀时期被高估；东北部森林对冲效果较弱，但市场处理通胀预期相对高效。
Forest assets are commonly viewed as good hedges against inflation. The view is based largely, however, on anecdotal evidence rather than empirical analysis. This paper examines the historical relationship between forestry returns and inflation. The results suggest that forests in the U.S. West and South have been superior hedges against higher-than-anticipated inflation; forests in the Northeast have been less effective inflation hedges. The results also indicate that western and southern forests have been overvalued during periods of relatively high expected inflation. Markets for forests in the Northeast, however, have been relatively efficient processors of inflation expectations.