Comment on Piazessi and Schneider
نویسنده
چکیده
A similar negative correlation between inflation and stock prices prompted Modigliani and Cohn to conjecture that investors are prone to money illusion: they confuse nominal and real interest rates. When that is the case investors mistakenly discount real future cash flows with the nominal interest rate (or alternatively ignore the fact that cash flows tend to grow in nominal terms as inflation rises). Consequently, the price-earnings ratio of stocks negatively comoves with inflation.
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