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Inflation, Real Stock Prices and Earnings: Friedman Was Right

https://doi.org/10.2139/ssrn.1802431
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25/25 checkable references clean · checked 2026-08-02

Every reference with a DOI in the deposited reference list resolved to a known work in Crossref or DataCite at the dated check, and none carried a retraction, withdrawal, or removal notice.

13 without a DOI — not checked. A reference deposited without a DOI is never matched by title or guessed at; it stays outside the checked set, and this line discloses that.

The 25 checked references that resolve
resolves10.3386/w15562
Using Inflation to Erode the U.S. Public Debt
resolves10.2307/2077964
Unexpected Inflation and Stock Returns Revisited--Evidence from Israel
resolves10.2139/ssrn.381480
Fight the Fed Model: The Relationship between Stock Market Yields, Bond Market Yields, and Future Returns
resolves10.3386/w5821
Inflation, Real Interest Rates, and the Bond Market: A Study of UK Nominal and Index-Linked Government Bond Prices
resolves10.1016/j.jmoneco.2010.02.004
Inflation and the stock market: Understanding the “Fed Model”
resolves10.1016/j.jmoneco.2003.08.001
Time-varying risk aversion and unexpected inflation
resolves10.1111/1540-6261.00459
Dynamic Asset Allocation under Inflation
resolves10.3386/w12810
Money Illusion and Housing Frenzies
resolves10.1016/s0304-3932(97)00063-9
Inflation crises and long-run growth
resolves10.3386/w3760
What Moves the Stock and Bond Markets? A Variance Decomposition for Long-Term Asset Returns
resolves10.1086/250059
By Force of Habit: A Consumption‐Based Explanation of Aggregate Stock Market Behavior
resolves10.1257/0002828041301533
Inflation Illusion and Stock Prices
resolves10.1093/rfs/1.3.195
The Dividend-Price Ratio and Expectations of Future Dividends and Discount Factors
resolves10.1016/s0304-3932(96)90034-3
Optimality of the Friedman rule in economies with distorting taxes
resolves10.2139/ssrn.1106066
Intertemporal Investment Strategies Under Inflation Risk
resolves10.4324/9780203070710.ch11
The Inflation Tax in a Real Business Cycle Model
resolves10.1111/j.1468-5957.2007.02010.x
An International Analysis of Earnings, Stock Prices and Bond Yields
resolves10.1086/260579
Nobel Lecture: Inflation and Unemployment
resolves10.1111/1468-0262.00124
Sample Splitting and Threshold Estimation
resolves10.1016/s0304-4076(99)00025-1
Threshold effects in non-dynamic panels: Estimation, testing, and inference
resolves10.2469/faj.v35.n2.24
Inflation, Rational Valuation and the Market
resolves10.2139/ssrn.1802433
Explaining the Stock Price-Inflation Puzzle: Inflation as a Signal for a Rare-Event
resolves10.3386/w5758
Financial Dependence and Growth
resolves10.2307/3594994
The Decline of Inflation and the Bull Market of 1982-1999
resolves10.1080/0003684042000177189
Are stocks a good hedge against inflation? evidence from emerging markets
The 13 references without a DOI — listed, not checked
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no DOI — not checkedref12
no DOI — not checkedA Scorecard for Indexed Government Debt
no DOI — not checkedref21
no DOI — not checkedref23
no DOI — not checkedThreshold effects in the Relationship between Inflation and Growth
no DOI — not checkedSystemic Banking Crises: A New Database
no DOI — not checkedref34
no DOI — not checkedref35
no DOI — not checkedref36
no DOI — not checkedref37
no DOI — not checkedref38
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