Empirical Tests of the Proxy Hypothesis.

The proxy hypothesis states that the negative relationship between inflation and stock returns is spurious and really only proxies for the positive relationship between stock returns and real variables. Previous tests of the proxy hypothesis have used actual values instead of forcasted values for the real activity variable. Using only forcasted variables, the authors' results do not support the proxy hypothesis. Copyright 1990 by MIT Press.

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Year of publication:	1990
Authors:	McCarthy, Joseph ; Najand, Mohammad ; Seifert, Bruce
Published in:	The Financial Review. - Eastern Finance Association - EFA. - Vol. 25.1990, 2, p. 251-63
Publisher:	Eastern Finance Association - EFA

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Type of publication:	Article
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005667724