Schmeling, Maik; Schrimpf, Andreas - Sonderforschungsbereich 649: Ökonomisches Risiko, … - 2008
: Inflation expectations, Money Illusion, Proxy hypothesis, Stock returns
∗The authors want to thank Deutsche … movements, and
inflation movements to investigate whether the rational (proxy hypothesis, risk aver-
sion) or behavioral (money …, Fama (1981) advanced the so-called “proxy hypothesis”,
which states that inflation proxies for an unobservable or merely …