英语翻译Table 4 shows the response of stock price indexes (illustrated in figure 1) to a one standarddeviation positive shock in the consumer price index and their corresponding t-values.Thet-values are derived based on an analytical method for e

英语翻译Table 4 shows the response of stock price indexes (illustrated in figure 1) to a one standarddeviation positive shock in the consumer price index and their corresponding t-values.Thet-values are derived based on an analytical method for e
英语翻译
Table 4 shows the response of stock price indexes (illustrated in figure 1) to a one standard
deviation positive shock in the consumer price index and their corresponding t-values.The
t-values are derived based on an analytical method for estimating variances of impulse
functions suggested by Hamilton (1994,p.336).The t-values measure if a given positive
or negative response is statistically significant.As the table reports,the initial responses are
negative and become positive and statistically significant in the long run.
Our findings are consistent with the Fisher effect wherein it takes a long period of time for
inflation to be fully reflected in stock prices.These results indicate that previous evidence of
an inverted short-run,and a positive long-run,relation between stock returns and inflation
can be reconciled.It stands to reason that investors can reasonably expect stocks to be a
good inflation hedge over a long holding period in the Pacific-Basin markets.We conclude
that stock prices in the Pacific-Basin countries,like those in the U.S.and Europe,appear
to reflect a long-term memory associated with inflation shocks that make stock portfolios a
reasonably good hedge against inflation in the long run.

英语翻译Table 4 shows the response of stock price indexes (illustrated in figure 1) to a one standarddeviation positive shock in the consumer price index and their corresponding t-values.Thet-values are derived based on an analytical method for e
表4显示了股票价格指数响应一个标准（如图1所示）
偏差正面冲击,在消费者价格指数和相应的t值.该
t值的分析方法推导出一个基于脉冲估计方差
功能建议的汉密尔顿（1994年,第336页）.以t-值衡量,如果给定的正
或消极的反应是显着的.如表报告,初步反应
积极和消极,成为统计上的长远意义.
我们的研究结果是一致的费雪效应,其中这需要很长一段时间的
通货膨胀得到充分反映在股票价格.这些结果表明,以前的证据
倒短期而言,和积极的长期而言,股票收益和通货膨胀之间的关系
可以化解的.按理说,投资者可以合理地预期股市是一个
长期持有期间良好的通胀在太平洋盆地markets.We对冲结束
,在太平洋盆地国家的股票价格,像在美国和欧洲国家,出现
以反映长期记忆与通货膨胀的冲击,使得相关的股票投资组合一
相当不错的对冲通胀的长远目标.