TESTING THE FISHERIAN HYPOTHESIS: SOME METHODOLOGICAL ISSUES AND FURTHER EVIDENCE FOR THE UK
指出以往对费雪假说的检验方法不当，提出一种事后形式的新模型，并用英国数据估计，结果部分支持该假说。
The relationship between common stock returns and actual, expected and unexpected inflation has been subject to considerable scrutiny recently. The objectives of this paper are threefold. First, it is suggested that the Fisherian hypothesis of anticipated stock market returns has been subjected to inappropriate tests in some previous work. Second, the Fisherian hypothesis is developed into an ex post form which is suitable for estimation and which will avoid the difficulties in previous work. Thirdly, estimates of the model are reported using UK data which give some support to the hypothesis.