Research Paper No. 644

STOCK RETURNS AND INFLATION

by

Mark Crosby

July 1998

Department of Economics. University of Melbourne. Parkville Victoria 3052 Australia

ABSTRACTS

In this paper the relationship between inflation and stock returns in Australia is examined. It is found that increases in the price level reduce the real level of the stock price index. However, it is also found that the questionof whether persistent increases in inflation affect real returns cannot be addressed using the Australian data.
 
 
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