impact of time-varying inflation. Consistent with the Modigliani-Cohn hypothesis, we find that the level of inflation …

In this paper we investigate the relationship between loose monetary policy, low inflation, and easy bank credit with … policy, low inflation, and bank credit has on house, stock and commodity prices. We review the historical narratives on asset … inflation or "easy" credit …

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 …

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 discusses a crucial cause of the failure of share prices to rise during a decade of substantial inflation … indicates that this inverse relation between higher inflation and lower share prices during the past decade was not due to … chance or to other unrelated economic events. On the contrary, an important adverse effect of increased inflation on share …

The effects of inflation adjustments of corporate earnings on market prices were tested by cross section regressions of … negligible. The implication of the results is that market investors use a range of adjustments for the effects of inflation which … the later period 1972-76 than in the earlier period 1966-71. This seemed inconsistent with the higher inflation rates in …

We develop an asset-pricing model with endogenous corporate policies that explains how inflation jointly impacts real … when inflation falls. An increase in inflation has opposite effects, but with smaller magnitudes. In the cross section, the … model predicts the negative impact of inflation on real equity values is stronger for low leverage firms. We find empirical …