英语翻译We also find that the time path of the response of stock prices to a shock in goods pricesexhibits an initial negative response which turns positive over the long-run.These resultshelp to reconcile the conflicting evidence on the inverted

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英语翻译Wealsofindthatthetimepathoftheresponseofstockpricestoashockingoodspricesexhibitsaninitialnegativ

英语翻译We also find that the time path of the response of stock prices to a shock in goods pricesexhibits an initial negative response which turns positive over the long-run.These resultshelp to reconcile the conflicting evidence on the inverted
英语翻译
We also find that the time path of the response of stock prices to a shock in goods prices
exhibits an initial negative response which turns positive over the long-run.These results
help to reconcile the conflicting evidence on the inverted short-run and the positive long-run
of Fisher effects reported in the literature.The results also reveal that stock prices in the
Pacific-Basin markets have a long memory with respect to inflation shocks that make stocks
a reasonably good inflation hedge over a long holding period.In this respect,our findings are
similar to the evidence already reported by Anari and Kolari (2001) on American,European
and Japanese stock markets.
We are grateful to the editor of the journal (C.F.Lee) and three anonymous referees for their
helpful comments.An earlier version of this paper was presented at the 2002 Korea Institute
of Finance Symposium on Emerging Markets in Seoul.This study was partly supported by
a summer research grant from Fogelman College of Business and Economics and CIBER
at the University of Memphis.

英语翻译We also find that the time path of the response of stock prices to a shock in goods pricesexhibits an initial negative response which turns positive over the long-run.These resultshelp to reconcile the conflicting evidence on the inverted
我们还会发现,时间的反应路径的震惊的股票价格在商品的价格
展品最初的消极反应,并从原来的积极的长期运行.这些结果
帮助协调与之相冲突的证据在反置的短期和长期的正面
费舍尔影响的文献报道.研究结果还显示,股票价格的
有一个长记忆Pacific-Basin市场对通胀的冲击,使股票
一个合理可靠的通胀对冲在一段漫长的控股的时期.在这方面,我们的研究结果
类似的证据和Kolari已报道的Anari(2001)在美国、欧洲
和日本的股票市场.
我们都要感谢的编辑期刊(C.楼李)和三个匿名的裁判执法他们
有用的意见.摘要早期的版本,在算法的2002年韩研究所
新兴市场的金融研讨会在首尔.本研究在某种程度上是支持的
暑期科研补助从Fogelman商业与经济学学院和CIBER
孟菲斯大学.

我们还发现,股票价格的反应在商品价格呈现负休克的初步反应,转为正从长期运行时的路径。这些结果有助于对倒调和短期和积极的长期运行的费雪效应的证据相互矛盾的文献报道。研究结果还显示,在太平洋盆地市场股票价格相对于通货膨胀的冲击,使股票长期持有一个相当不错的保值期很长的记忆。在这方面,我们的研究结果类似的证据已经报道Anari和Kolari在美国(2001年),欧洲和日本股市。
我们感谢日刊(李...

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我们还发现,股票价格的反应在商品价格呈现负休克的初步反应,转为正从长期运行时的路径。这些结果有助于对倒调和短期和积极的长期运行的费雪效应的证据相互矛盾的文献报道。研究结果还显示,在太平洋盆地市场股票价格相对于通货膨胀的冲击,使股票长期持有一个相当不错的保值期很长的记忆。在这方面,我们的研究结果类似的证据已经报道Anari和Kolari在美国(2001年),欧洲和日本股市。
我们感谢日刊(李焯芬)和3个匿名评审的宝贵意见编辑器。这方面的一个早期版本的文件,提出了在2002年韩国研究所汉城新兴市场金融研讨会。这项研究得到部分支持,由来自福格尔曼经济及工商管理学院和CIBER夏季的研究经费在孟菲斯大学.
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