                                              805

23.3.8     

      ,    -
     . 
    ,    ,    
.       -
  . ,     , -
      1983  1993 .,   1994 . , -
   ,    ,   1994 .  -
      (,   
1994 .    NYSE).      -
     ,   
  (ex post selection bias). To  ,   1994 ., 
    ,    ,  
     1994 . ,    
      1983  1993 .    
  ,   -    ,
    .  ,    
1994 .     ,       1994 .14

)  

10

s -10

)  

10

1

?-10

-20

. 23.3.      
  SiSP 500      1960 .

   1969 .
: Kenneth E.  and Dwight M. Jaffee, The Supply of Money and Common Stock Prices
Journal of Finance, 26, no. 5 (December 1971), p. 1052.