366                                                    13

      1 %    
    1%,        
.

 (13.11)        -
        1802  1990 .,     
  21.    . 13.5. 
          -
 1,0.  ,         -
     .     , -
  ,      1,0.  -
,          
   .



    
  , 1802-1990 .

 


  [1

 		 			 	 
 	()	 	()	-2,781	1,394
 	()	 	()		-0,048*	1,820
 	()	 	(,	)	-2,531	2,072
 	()	 	(,	)	0,061*	0,380

:  =  ;  =   .

,      1,0  10%-  .

: Jacob Boudoukh and Matthew Richardson, Stock Returns and Inflation: A Long-Horizon
Perspective, American Economic Review, 83, no. 5 (December 1993), p. 1352.

,        
  ".  , -,   
       ,    -
 .       .  -
   ,      -
     .

 

1.       ,  
        -
   .

2.     :     -
, ,         , -
 .

3.   ,     ,     -
     ,    .