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Literature review for the inflation

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:7067

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

关键词:Literature reviewthe inflationstock

 

Introduction:
The interaction between stock returns, inflation and monetary policy is an area that has interested monetary and financial economists for a long time. My project will focus on how inflation and interest rate impact on stock market. And this literature review will go back over different opinions on the relationship between stock returns, inflation and interest rates and attempt to find out what and why they have such complicated relationship. 

Definition of inflation: 
Inflation is a common phenomenon that the prices of goods and services are increasing, whereas the value of pounds is decreasing.
Retail price index (RPI) and consumer price index (CPI) both are basic approaches to measure the rate of inflation in the England. Nellis.J G&Parker.D, (2004)

Causes of inflation:
There are two major causes for the occurrence of inflation. The first cause is the so-called demand-pull force and the other is called cost-push force. ‘Demand-pull inflation occurs when the aggregate demand increasing however aggregate supply fails to match it, forcing price increases and pulling up wages, materials, and operating and financing costs. Cost-push inflation occurs when prices rise to cover total expenses and preserve profit margins’.留学生论文http://www.51lunwen.org/
(The official CIMA learning system, CIMA business)

Policies deal with inflation:
Three primarily policies are introduced to deal with different causes of inflation:
Monetary Policy: the monetary policy focus on the changes of interest rates to control inflation. The central bank of England sets a central inflation target, when the inflation rate fluctuate more than 1% around 2%, the interest rates will be changed to balance it.
Fiscal Policy: the government prefers to reduce it is expenditures to less budget deficit or increase it is income by increase tax revenue to erode inflation.
“Prices and incomes Policy: prices and incomes policies tackle inflation by influencing cost factors and especially wage rates.” (Nellis.J G&Parker.D)

Effects of inflation:
The effects of inflation are stated in the text book is “Distorts consumer behavior, Redistributes wealth, Redistributes incomes, Affects wage bargainers, Undermines business confidence, and weakens the external competitive position.” (The official CIMA learning system, CIMA business)

Previous literature reviews----------interest rate and stock return
Jensen and Mercer (2002) utilized metering method to analyze how discount rates affect on stock prices. He indicated that the unexpected interest rate changes can strongly stimulate the stock market, while the stock prices are hardly respond to expected interest rates as quickly as unexpected interest rates. So it is very important for us to identify and distinguish the unexpected and expected interest rates when researching the relationship. Fama (1990) studied the American market and revealed that in American stock market, stock prices had the long-term balance relation with interest rates. Mukherjee and Naka (1995), Maysam and Koh (2000) studied Japanese stock market and Singapore stock market in respectively, and worked out a similar conclusion with Fama that there was the long-term stable relation between stock prices and interest rates. Rahmn and Mutafa (1997) analyzed the cause-and-effect relationship between stock prices and interest rates in many countries; they came out a result tha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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