The Analysis of the Relationship between Stock Returns and Inflation: A Consequence of Real Shocks or Money Illusion?
[Analýza vztahu akciových výnosů a inflace: důsledek reálných šoků nebo peněžní iluze?]
Author
Abstract
Suggested Citation
DOI: 10.18267/j.cfuc.104
Download full text from publisher
As the access to this document is restricted, you may want to search for a different version of it.
References listed on IDEAS
- Daniel Kahneman & Amos Tversky, 2013.
"Prospect Theory: An Analysis of Decision Under Risk,"
World Scientific Book Chapters, in: Leonard C MacLean & William T Ziemba (ed.), HANDBOOK OF THE FUNDAMENTALS OF FINANCIAL DECISION MAKING Part I, chapter 6, pages 99-127,
World Scientific Publishing Co. Pte. Ltd..
- Kahneman, Daniel & Tversky, Amos, 1979. "Prospect Theory: An Analysis of Decision under Risk," Econometrica, Econometric Society, vol. 47(2), pages 263-291, March.
- Amos Tversky & Daniel Kahneman, 1979. "Prospect Theory: An Analysis of Decision under Risk," Levine's Working Paper Archive 7656, David K. Levine.
- Ernst Fehr & Jean-Robert Tyran, 2001.
"Does Money Illusion Matter?,"
American Economic Review, American Economic Association, vol. 91(5), pages 1239-1262, December.
- Ernst Fehr & Jean-Robert Tyran, "undated". "Does Money Illusion Matter?," IEW - Working Papers 012, Institute for Empirical Research in Economics - University of Zurich.
- Ernst Fehr & Jean-Robert Tyran, 2000. "Does Money Illusion Matter?," IEW - Working Papers 045, Institute for Empirical Research in Economics - University of Zurich.
- Geske, Robert & Roll, Richard, 1983. "The Fiscal and Monetary Linkage between Stock Returns and Inflation," Journal of Finance, American Finance Association, vol. 38(1), pages 1-33, March.
- Day, Theodore E, 1984. "Real Stock Returns and Inflation," Journal of Finance, American Finance Association, vol. 39(2), pages 493-502, June.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Sellin, Peter, 1998. "Monetary Policy and the Stock Market: Theory and Empirical Evidence," Working Paper Series 72, Sveriges Riksbank (Central Bank of Sweden).
- Felici, Marco & Kenny, Geoff & Friz, Roberta, 2023.
"Consumer savings behaviour at low and negative interest rates,"
European Economic Review, Elsevier, vol. 157(C).
- Marco Felici & Geoff Kenny & Roberta Friz, 2022. "Consumer Savings Behaviour at Low and Negative Interest Rates," European Economy - Discussion Papers 172, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
- Felici, Marco & Kenny, Geoff & Friz, Roberta, 2022. "Consumer savings behaviour at low and negative interest rates," Working Paper Series 2736, European Central Bank.
- János Vincze, 2019. "Money Illusion: Reconsidered in the Light of Cognitive Science," Acta Oeconomica, Akadémiai Kiadó, Hungary, vol. 69(2), pages 191-215, June.
- Steinar Holden, 2005.
"Wage Formation under Low Inflation,"
Springer Books, in: Hannu Piekkola & Kenneth Snellman (ed.), Collective Bargaining and Wage Formation, pages 39-57,
Springer.
- Holden, Steinar, 2004. "Wage formation under low inflation," Memorandum 09/2004, Oslo University, Department of Economics.
- Steinar Holden, 2004. "Wage formation under low inflation," Working Paper 2004/14, Norges Bank.
- Steinar Holden, 2004. "Wage Formation under Low Inflation," CESifo Working Paper Series 1252, CESifo.
- Peter Sellin, 2001. "Monetary Policy and the Stock Market: Theory and Empirical Evidence," Journal of Economic Surveys, Wiley Blackwell, vol. 15(4), pages 491-541, September.
- Klaus Abbink & Heike Hennig-Schmidt, 2006.
"Neutral versus loaded instructions in a bribery experiment,"
Experimental Economics, Springer;Economic Science Association, vol. 9(2), pages 103-121, June.
- Abbink, Klaus & Hennig-Schmidt, Heike, 2002. "Neutral versus Loaded Instructions in a Bribery Experiment," Bonn Econ Discussion Papers 23/2002, University of Bonn, Bonn Graduate School of Economics (BGSE).
- William Hardin & Xiaoquan Jiang & Zhonghua Wu, 2012. "REIT Stock Prices with Inflation Hedging and Illusion," The Journal of Real Estate Finance and Economics, Springer, vol. 45(1), pages 262-287, June.
- repec:agr:journl:v:1(618):y:2019:i:1(618):p:5-22 is not listed on IDEAS
- Fortuna Casoria & Arno Riedl, 2013.
"Experimental Labor Markets And Policy Considerations: Incomplete Contracts And Macroeconomic Aspects,"
Journal of Economic Surveys, Wiley Blackwell, vol. 27(3), pages 398-420, July.
- Casoria, Fortuna & Riedl, Arno, 2012. "Experimental Labor Markets and Policy Considerations: Incomplete Contracts and Macroeconomic Aspects," IZA Discussion Papers 7102, Institute of Labor Economics (IZA).
- Casoria, F. & Riedl, A.M., 2012. "Experimental labor markets and policy considerations: incomplete contracts and macroeconomic aspects," Research Memorandum 057, Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR).
- Peter Wakker & Veronika Köbberling & Christiane Schwieren, 2007. "Prospect-theory’s Diminishing Sensitivity Versus Economics’ Intrinsic Utility of Money: How the Introduction of the Euro can be Used to Disentangle the Two Empirically," Theory and Decision, Springer, vol. 63(3), pages 205-231, November.
- Jianjun Miao & Danyang Xie, "undated". "Monetary Policy and Economic Growth under Money Illusion," Boston University - Department of Economics - Working Papers Series wp2007-045, Boston University - Department of Economics.
- Dohmen, Thomas, 2014.
"Behavioral labor economics: Advances and future directions,"
Labour Economics, Elsevier, vol. 30(C), pages 71-85.
- Dohmen, Thomas, 2014. "Behavioural Labour Economics: Advances and Future Directions," IZA Discussion Papers 8263, Institute of Labor Economics (IZA).
- Tyran, Jean-Robert & Stephens, Thomas A, 2012.
"?At least I didn?t lose money? Nominal Loss Aversion Shapes Evaluations of Housing Transactions,"
CEPR Discussion Papers
9198, C.E.P.R. Discussion Papers.
- Thomas A. Stephens & Jean-Robert Tyran, 2012. "“At least I didn’t lose money” - Nominal Loss Aversion Shapes Evaluations of Housing Transactions," Discussion Papers 12-14, University of Copenhagen. Department of Economics.
- Tarkom, Augustine & Ujah, Nacasius U., 2023. "Inflation, interest rate, and firm efficiency: The impact of policy uncertainty," Journal of International Money and Finance, Elsevier, vol. 131(C).
- Gärling, Tommy & Gamble, Amelie & Christandl, Fabian, 2013. "Income increases do not compensate for perceived inflation—A price-consumption anomaly," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 47(C), pages 11-15.
- Lunardelli, André, 2009. "Loss avoidance in nominal frames and fairness in downward nominal wage rigidity and disinflation," MPRA Paper 20915, University Library of Munich, Germany, revised 23 Feb 2010.
- Fehr, Ernst & Goette, Lorenz, 2005.
"Robustness and real consequences of nominal wage rigidity,"
Journal of Monetary Economics, Elsevier, vol. 52(4), pages 779-804, May.
- Ernst Fehr & Lorenz Goette, "undated". "Robustness and Real Consequences of Nominal Wage Rigidity," IEW - Working Papers 044, Institute for Empirical Research in Economics - University of Zurich.
- Ernst Fehr & Lorenz Goette, 2004. "Robustness And Real Consequences Of Nominal Wage Rigidity," Macroeconomics 0409025, University Library of Munich, Germany.
- Fehr, Ernst, 2000. "The Robustness and Real Consequences of Nominal Wage Rigidity," CEPR Discussion Papers 2516, C.E.P.R. Discussion Papers.
- Ernst Fehr & Lorenz Götte, 2000. "Robustness and Real Consequences of Nominal Wage Rigidity," CESifo Working Paper Series 335, CESifo.
- Fehr, Ernst & Götte, Lorenz, 2007. "Robustness and Real Consequences of Nominal Wage Rigidity," Kiel Working Papers 1343, Kiel Institute for the World Economy (IfW Kiel).
- Matthias HAGMANN & Carlos LENZ, 2004.
"Real Asset Returns and Components of Inflation: A Structural VAR Analysis,"
FAME Research Paper Series
rp118, International Center for Financial Asset Management and Engineering.
- Hagmann, Matthias & Lenz, Carlos, 2005. "Real Asset Returns and Components of Inflation: A Structural VAR Analysis," Working papers 2005/11, Faculty of Business and Economics - University of Basel.
- Eduard Marinov, 2017. "The 2017 Nobel Prize in Economics," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 6, pages 117-159.
- Vincze, János, 2018. "Szubsztantív vagy ökológiai racionalitás?. A pénzillúzió esete [Substantive or ecological rationality?. A case of the money illusion]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(11), pages 1097-1114.
- Michael Weber & Christian Dorion & Alexandre Jeanneret & Harjoat Bhamra, 2017. "Deflation, Sticky Leverage and Asset Prices," 2017 Meeting Papers 796, Society for Economic Dynamics.
More about this item
Keywords
Stock returns; Inflation; Money illusion; Real shocks; Behavioral finance; Výnosnost akcií; Inflace; Peněžní iluze; Reálné šoky; Behaviorální finance;All these keywords.
JEL classification:
- G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
- G17 - Financial Economics - - General Financial Markets - - - Financial Forecasting and Simulation
- G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:prg:jnlcfu:v:2011:y:2011:i:2:id:104:p:37-57. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Stanislav Vojir (email available below). General contact details of provider: https://edirc.repec.org/data/uevsecz.html .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.