Risk and Inflation
研究风险差异如何影响股票回报与通胀之间的负相关关系，发现风险相关的系数模式支持未来实际产出增长同时决定当前股票回报和通胀指标的假说。
This paper examines the effect of risk differences on the oft-documented negative rela? tionship between stock returns and inflation. We find risk-related patterns of coefficients on our estimates of the level and change in expected inflation and on unexpected inflation. These patterns are consistent with the hypothesis developed in Fama [2] and in Geske and Roll [7] that future real output growth simultaneously helps to determine current stock returns and various measures of inflation.