This paper examines old and new evidence on the predictive performance of asset prices for inflation and real output … prices predict either inflation or output growth in some countries in some periods. Which series predicts what, when and …

and bond returns into changes in expectations of future stock dividends, inflation, short-term real interest rates, and … about future excess stock returns, while excess 10-year bond returns are driven largely by news about future inflation. Real …

short-run inflation rate. Over the last century real stock prices have shown little reaction to changes in inflation rates …

This paper re-examines the effects of nominal contracts on the relationship between unanticipated inflation and … individual stock's rate of return. This study differs in three main ways from previous research. First, announced inflation data … are used to examine the effects of unanticipated inflation. Second, a different specification is used to obtain more …

inflation.This paper considers an alternative explanation: a substantial increase in the riskiness of capital investments. We … effects of increase in the mean and variance of the inflation rate, and a decline in firms' expected return on capital …

This paper examines the relationship between inflation and the return on individual corporate securities. This question … financial theory holds that equity should be a good inflation hedge since it represents a claim of real rather than nominal … assets. Yet a negative relationship between both expected and unexpected inflation and stock market returns has been widely …

corporate capital may have a common explanation, the inter- action of inflation and a nonindexed tax system. The acceleration of … inflation has sharply increased the effective rate of taxation of corporate capital income, while reducing the effective … describes in more detail the nonneutralities caused by inflation. A simple model showing how inflation and taxation interact to …