Inflation and Asset Returns in a Monetary Economy
用均衡货币资产定价模型解释了美国二战后实际股票收益与通胀负相关、与货币增长正相关的现象，并预测通胀来源不同时相关性有差异。
ABSTRACT Postwar U.S. data are characterized by negative correlations between real equity returns and inflation and by positive correlations between real equity returns and money growth. These patterns are closely matched quantitatively by an equilibrium monetary asset pricing model. The model also implies negative correlations between expected asset returns and expected inflation, and it predicts that the inflation‐asset return correlation will be more strongly negative when inflation is generated by fluctuations in real economic activity than when it is generated by monetary fluctuations.