Monetary Regimes and the Relation Between Stock Returns and Inflationary Expectations
分析货币政策制度变化如何影响股票收益与预期通胀变化之间的关系，基于四国战后数据发现，利率目标制下负相关关系显著更强。
This paper analyzes the impact of changes in monetary policy regimes on the relation between stock returns and changes in expected inflation. Post-war evidence from four countries reveals a direct link between these relations and the central banks' operating targets (i.e., money supply or interest rates). Specifically, the post-war negative relations between stock returns and changes in expected inflation are significantly stronger during interest rate regimes.