Asset Pricing And Expected Inflation
Asset Pricing And Expected Inflation
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In our eReader you can find the full English version of the book. Read Asset Pricing And Expected Inflation Online - link to read the book on full screen. Our eReader also allows you to upload and read Pdf, Txt, ePub and fb2 books. In the Mini eReder on the page below you can quickly view all pages of the book - Read Book Asset Pricing And Expected Inflation
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, n (11) i ki i ki i ki - 12 - with equation (11) instead of equation (1), all the results of Section 2 still hold, except for the fact that all y^. 's are multiplied by x.
We first consider the effect of an unanticipated fall in x assuming that the expected rate of growth of the money stock increases so that expected inflation is left unchanged. To simplify the discussion, we assume that unanticipated changes in the price of money are uncorrelated with output. In this case, equation (9) can be... rewritten as: • -1 xu V [xu - r. L ] Mk = -r* - e — =si (12) ieY. [xy e - r. L e ] The effect of a fall in x on u, and r is given by the following theorem: Theorem 2 . For a constant expected rate of change of the price of money, an unexpected fall in x decreases the expected real rate of return of the market portfolio of investments in production u, and the real rate of interest r. Furthermore, u, falls by more than r and the price of production risk, (y k -r)/a, falls. Proof . See Appendix.
What to read after Asset Pricing And Expected Inflation?
You can find similar books in the "Read Also" column, or choose other free books by Ren M Stulz to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
, n (11) i ki i ki i ki - 12 - with equation (11) instead of equation (1), all the results of Section 2 still hold, except for the fact that all y^. 's are multiplied by x.
We first consider the effect of an unanticipated fall in x assuming that the expected rate of growth of the money stock increases so that expected inflation is left unchanged. To simplify the discussion, we assume that unanticipated changes in the price of money are uncorrelated with output. In this case, equation (9) can be... rewritten as: • -1 xu V [xu - r. L ] Mk = -r* - e — =si (12) ieY. [xy e - r. L e ] The effect of a fall in x on u, and r is given by the following theorem: Theorem 2 . For a constant expected rate of change of the price of money, an unexpected fall in x decreases the expected real rate of return of the market portfolio of investments in production u, and the real rate of interest r. Furthermore, u, falls by more than r and the price of production risk, (y k -r)/a, falls. Proof . See Appendix.
What to read after Asset Pricing And Expected Inflation?
You can find similar books in the "Read Also" column, or choose other free books by Ren M Stulz to read onlineMoreLess
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