Stock Market Returns and Inflation Forecasts
利用利文斯顿调查的预期数据，检验费雪假说中预期股票回报与预期通胀的关系，发现该假说在事前预期中比事后实现中更成立。
ABSTRACT This study uses data from the Livingston survey of expectations to examine the Fisher hypothesis as a model relating expected stock returns and expected inflation. We show that the Fisher hypothesis holds much better for ex ante expectations than ex post realizations.