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Stock Prices, Inflation and the Out-of-Sample predictability of Stock Market Returns
This paper considers a new perspective on the relationship between stock prices and inflation, by estimating the common long-term trend in real stock prices, as reflected in the earning-price ratio, and both expected and realized inflation.
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Stock prices-inflation puzzle and the predictability of stock market returns
This paper considers a new perspective on the relationship between stock prices and inflation, by estimating the common long-term trend in the earning-price ratio and inflation.
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The effect of asymetric information and transaction costs on asset pricing : theory and tests
This paper presents a capital asset pricing model in the presence of asymmetric information and transaction costs. The model is a generalized version of Merton’s (1987) model and Black’s (1974) model.
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The stability Pact and the coordination of fiscal policies in the EMU
This paper studies the relationship between the Stability and Growth Pact (SGP) and the
coordination of fiscal policies in the EMU. Results show that the coordination is an efficient
tool to increase EMU stabilization, even though the overall impact greatly varies according to
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