Real Stock Returns and Inflation
在多期生产经济中推导股票实际收益率与物价水平变化的关系，证明事后实际收益率与通胀的负相关与理性投资者均衡一致，并说明预期实际收益率与预期通胀的关系取决于生产函数和投资者偏好形式。
This paper develops the relation between the real rate of return on the stock market and changes in the price level using a multiperiod economy with production. The observed relation between real ex post stock returns and inflation is shown to be consistent with equilibrium in an economy with rational investors. The relation between expected real returns and expected inflation is shown to depend on the form of the economy's production function and on the form of investor preferences. When the production function exhibits stochastic constant returns to scale, the model explains the negative relation between expected real returns and expected inflation which has frequently been observed in empirical studies.