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Literature review for the inflation [2]

论文作者:留学生论文论文属性:文献综述 Literature Review登出时间:2010-06-22编辑:vshellyn点击率:13006

论文字数:论文编号:org201006221804217851语种:英语 English地区:英国价格:免费论文

关键词:Literature reviewthe inflationstock

at there might be a significant long run co-integration relationship. Neri (2001) believes that the changes on monetary policy were positively related to the fluctuation of stock prices because of liquidity effect. Speaking more specifically, monetary policies affect on the ability of money liquidity, as we all know, funds liquidity is a pivotal factor in the stock market. Therefore, he confirmed that monetary policy, such as interest rate changes plays a pivotal role in influencing on stock returns. Bernanke (1992) believe that in various monetary policy tools, interest rates adjustment had the most significantly influence on stock market. Campbell and Kyle (1988) believe that the monetary policy change resulted in interest rate changes, and it affected stock prices running through the expectation of stock dividends and the estimation of discount rate. 留学生论文https://www.51lunwen.org/

Previous literature reviews----inflation and stock return
The relationship between inflation and stock return always is a heated and controversial topic in macroeconomics and financial disciplines. Reviewing previous articles in this area, there are three plausible primarily opinions on the relationship between inflation and stock returns: positive correlation, negative correlation and uncorrelated relationship.
Barnes M. and Boyd J.H. and Smith.B.D. (1999) investigated and analyzed several countries data about inflation and stock prices and made a conclusion that under low level inflation or moderate inflation, inflation and nominal equity returns are negatively correlated or even uncorrelated. However, they also agree that inflation and nominal returns have a strongly positive relationship in a high inflation economic circumstance. He thinks that the strengths of inflation determine the relationship between inflation and stock returns. In the next, this essay will attempt to review others’ opinions on the relationship.
Fisher (1930) posed a hypothesis which suggests that stock returns should have a positive relationship with an expectable inflation in an efficient market. In other words, Fisher believes that when the interest rates, discount rates, and inflation rates are expected, a higher inflation can cause a higher stock price. He is one of economists who mainly support the positive relationship. As we all known, inflation can be definite as a process of eroding in the purchasing power of money. (https://en.wikipedia.org/wiki/Inflation ).Based on Fisher’s hypothesis, a considerable number of scholars think that purchasing shares as a hedging tool that can be used to against inflation, because a higher inflation rate always predict a higher stock return. ‘Broadly selected common stocks are considered to be a good hedge against inflation in the long run’ Cagan (1974) who agrees with the Fisher on the relationship.
Moreover, Boundoukh.J and Richardson.M (1993) tested Fisher’s hypothesis and found that during a long periods the positive relationship between inflation and stock prices is exists.
Furthermore, to examine the relationship, a new approach-------wavelet multiscaling method was invented by Kim. S & In. F (2005) in few years ago. They presented that ‘there is a positive relationship at the shortest scale 1 month period and at the longest scale 128-month period, while a negative relationship is shown at the intermediate scales.’ On the one hand, he confirmed Fisher’s hypothesis, on the other hand, he also suggested that the relationship between inflation and stock pri论文英语论文网提供整理,提供论文代写英语论文代写代写论文代写英语论文代写留学生论文代写英文论文留学生论文代写相关核心关键词搜索。

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