                                                371

14        .  ,    -
       . ,   
 110%,    100%,      5%,  
     10%.

"  ,   ,       
  . ,    1981  1986 .    -
   / 5%.  ,  ,  ,  -
      .

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

17         ,   
  ,      
 .

18      1950  1993 .  0,3.   -
     .   ,  
          
.

19 ,        -
     .  ,     -
    .   (   - -
)     . . : David P. Ely and Kenneth J. Robinson,
The Stock Market and Inflation: A Synthesis of the Theory and Evidence, Federal Reserve Bank of
Dallas Economic Review (March 1989), pp. 17-29.

20 Jacob Boudoukh and Matthew Richardson, Stock Returns and Inflation: A Long-Horizon Perspective,
American Economic Review, 83, no. 5 (December 1993), pp. 13461355.

21  (13.11)         
    1802  1990 .       0,07, 
  1,0    .     
 0,52,     1,0.     
        -
    .

22        ,     -
.

 
  	
  	  
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