Is Mispricing in Asset Prices Due to the Inflation Illusion?
We examine whether the observed negative relations between stock returns and inflation and between housing returns and inflation can be explained by the inflation illusion hypothesis. We identify the mispricing component in asset prices (i.e., stock prices and housing prices) based on present value...
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| Format: | Article |
| Language: | English |
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Korea Development Institute
2014-08-01
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| Series: | KDI Journal of Economic Policy |
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| Online Access: | https://doi.org/10.23895/kdijep.2014.36.3.25 |