金融资产是否具有通胀对冲功能——基于费雪假说的理论与实证述评

介绍国际上股票、商品和黄金等金融资产收益与通货膨胀之间费雪关系的研究经验。一般来说,在长期,股票、商品和黄金收益与通货膨胀正相关,纯粹的货币增长不会侵蚀股票等金融资产实际价值。然而在短期(1年以内),问题则变得非常难解,实证结果往往取决于数据集的特征,比如通胀的度量、时间序列的频度、不同的国家以及使用何种计量方法。

The Relation Between Asset Returns and Inflation in Different Horizon---A Theoretical and Empirical Review Based on Fisher Hypothesis

This paper describes the Fisher relationship between financial assets,and inflation on the international research experience.In general,in the long horizon,equities,commodities and gold are positively correlated with inflation,the purely monetary growth will not impact on the real economic variables.However,in the short horizon,the problem is very obscure,empirical results depend on the characteristics of the data set,such as the measure of inflation,time series of the frequency,countries,and econometric methods.