We suggest an alternative approach to testing whether stocks provide a hedge against <p> inflation in the long run. Based on a simple structural model, we test the hedge hypothesis in <p> terms of the long-run linkage between stock prices and the general price level, as estimated <p> by cointegration...</p></p></p>

We suggest an alternative approach to testing whether stocks provide a hedge against inflation in the long run. Based on a simple structural model, we test the hedge hypothesis in terms of the long-run linkage between stock prices and the general price level, as estimated by cointegration...