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9 a.m. - 6 p.m.
Phone: (843) 887-3699
Folly Beach Library
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Miss Jane's Building (Edisto Library Temporary Location)
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Main Library
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West Ashley Library
9 a.m. - 7 p.m.
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Wando Mount Pleasant Library
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The Purchasing Power of Money and Nominal Interest Rates: A Re-Examination.
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- Author(s): SHOME, DILIP K.; SMITH, STEPHEN D.; PINKERTON, JOHN M.
- Source:
Journal of Finance (Wiley-Blackwell); Dec1988, Vol. 43 Issue 5, p1113-1125, 13p- Subject Terms:
- Source:
- Additional Information
- Subject Terms:
- Abstract: While it has been known for some time that, under uncertainty, the original version of the Fisher hypothesis is not precisely correct, empirical researchers have largely ignored this fact. Such an omission has possibly resulted in erroneous conclusions concerning other hypotheses; most notably the impact of prices on the real economy. This paper clarifies some of the previous interpretations of the existing empirical literature and provides a theoretical version of the relation between prices and interest rates. Empirical tests based on both the Livingston survey data and data from time-series forecasting models provide support for the Fisher effect and the hypothesis that only covariance risk is priced in the Treasury bill market. [ABSTRACT FROM AUTHOR]
- Abstract: Copyright of Journal of Finance (Wiley-Blackwell) is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
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