Money Demand and the Stock Market in a General Equilibrium Model with Variable Velocity
用一个货币资产定价模型解释货币流通速度与股票价格之间的实证关系，分析产出冲击和货币预期变化对股票收益和风险溢价的影响，适合研究货币与资产定价关系的学者。
A monetary model of asset pricing is used to explain observed correlations between money velocity and stock prices. Output shocks cause velocity and nominal stock prices to move in opposite directions, but may cause velocity and deflated stock prices to move in the same direction. Although monetary shocks are neutral, changes in monetary expectations have real effects because of their impact on the expected purchasing power of money balances carried into the future. Thus, changes in expected monetary growth alter expected real equity returns and inflation, and changes in monetary uncertainty alter the equity risk premium. Copyright 1990 by University of Chicago Press.