Please use this identifier to cite or link to this item: https://hdl.handle.net/2440/2165
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dc.contributor.authorBarnes, Michelle L.en
dc.contributor.authorBoyd, John H.en
dc.contributor.authorSmith, Bruce D.en
dc.date.issued1999en
dc.identifier.citationEuropean Economic Review, 1999; 42(4):737-754en
dc.identifier.issn0014-2921en
dc.identifier.urihttp://hdl.handle.net/2440/2165-
dc.description.abstractSustained inflation is detrimental to long-run growth and the financial system. A recent theoretical literature suggests that high inflation implies low real returns on assets. These low returns exacerbate informational frictions, interfering with the functioning of financial markets and the allocation of investment. We investigate the plausibility of an inverse relationship between inflation and real returns. Inflation and nominal equity returns are negatively correlated or uncorrelated for all low-to-moderate inflation economies examined. Safe nominal rates of return and inflation are only weakly positively correlated. However, for high inflation economies inflation and nominal returns are strongly positively correlated.en
dc.description.statementofresponsibilityBarnes, Michelle; Boyd, John H; Smith, Bruce Den
dc.language.isoenen
dc.titleInflation and asset returnsen
dc.typeJournal articleen
dc.identifier.doi10.1016/S0014-2921(98)00090-7en
Appears in Collections:Economics publications

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