The relationship between stock returns and inflation in four European markets

Chulho Jung, William Shambora and Kyongwook Choi

Applied Economics Letters, 2007, vol. 14, issue 8, 555-557

Abstract: We study the effects of expected and unexpected inflation on real stock returns for France, Germany, Italy and the UK. We find evidence that unexpected inflation affects stock returns in France, Italy and the UK, but that expected inflation does not. Unexpected interest rates also affect real stock returns in the three countries. However, we find no evidence of these variables affecting real stock returns in Germany.

Date: 2007
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DOI: 10.1080/13504850600580452

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