Are Changes in Inflation Expectations Capitalized into Stock Prices? A Micro-Firm Test for the Nominal Contracting Hypothesis
利用微观企业数据检验名义合约假说，发现通胀预期变化会在债权人和股东之间造成财富再分配，并改进了模型设定。
Unlike earlier studies, the author finds empirical support, using microfirm data, for the nominal contracting hypothesis; that is, changes in expected inflation create a wealth redistribution between creditors (bondholders) and debtors (shareholders). The author is able to improve model specification by(1) recognizing explicitly that a firm's asset and capital structure variables are balance-sheet constrained and (2) controlling for individual firm risk differences and capital gains taxation. Copyright 1989 by MIT Press.