求高手帮忙翻译外文文献

Question

Literature on tests of the generalized Fisher hypothesis is mixed. Many studies have found
evidence of what has become known as the inverted Fisher hypothesis, namely that changes
in both expected and unexpected inflation are negatively correlated with stock returns

Fama shows that rising inflation rates reduce real economic activity that negatively affects
future corporate profits and stock prices, while others such as Geske and Roll (1983) focus
on counter-cyclical monetary responses that reinforce the negative relationship between
real economic activity and inflation.2 On the other hand, many researchers have reported
that when stock returns and inflation are evaluated over a long period of time, the Fisher
hypothesis cannot be rejected. Kaul (1987) maintains that a pro-cyclical monetary response
leads to the positive correlation between stock returns and inflation that affirms the Fisher
effect, while Hess and Lee (1999) point to a demand shock emanating from an imbalance in
the aggregate demand and supply of the economy that causes a positive relationship between
the two variables.3 Even for a short period covering the post-war years, Firth (1979) and
Gultekin (1983) find that the relationship between nominal stock returns and inflation in
the United Kingdom is reliably positive, a finding consistent with the generalized Fisher
hypothesis. With time series analysis, Anari and Kolari (2001) report negative correlations
between stock prices and inflation in the short run that are followed by positive correlations
in the long run.

Answer 1

文学在测试中的广义费舍尔假说是喜忧参半。许多研究已经发现

的证据被称为反置的费舍尔的假设,即改变

在这两种预期的和意想不到的通货膨胀是股票收益呈负相关

本文对通货膨胀率表明,真正的经济活动减少负面影响”

未来的企业利润和股票价格,而其他如盖斯克和轧辊(1983)的焦点

在加强货币反应周期之间负相关关系

真正的经济活动和inflation.2另一方面,许多研究人员报道说

股票收益与通货膨胀的时候,是评价在很长一段时间里,费舍尔

的假说也就无法拒绝。Kaul(1987)认为,连动货币政策的响应

导致的正向关联性股票收益与通货膨胀,肯定了费舍尔

功效,但赫斯和李(1999)指向一个需求推动发出的不平衡状况

在总需求、总供给的经济,引起一种正面的关系

这两个variables.3甚至会在短时间内覆盖在战后,河口(1979年)和

Gultekin(1983)发现股票收益之间的关系和通货膨胀在名义上

英国是积极的,这一发现可靠符合广义费舍尔

假设。用时间序列分析、Anari(2001)报告和Kolari概率测度的负相关

股票价格和通货膨胀之间,在短期内,其次是正向关系

长远的发展。

Answer 2

文学在测试中的广义费舍尔假说是喜忧参半。许多研究已经发现

的证据被称为反置的费舍尔的假设,即改变

在这两种预期的和意想不到的通货膨胀是股票收益呈负相关

本文对通货膨胀率表明,真正的经济活动减少负面影响”

未来的企业利润和股票价格,而其他如盖斯克和轧辊(1983)的焦点

在加强货币反应周期之间负相关关系

真正的经济活动和膨胀（本文中的膨胀可能只信用膨胀，注意）
2另一方面,许多研究人员报道说

股票收益与通货膨胀的时候,是评价在很长一段时间里,费舍尔

的假说也就无法拒绝。Kaul(1987)认为,连动货币政策的响应

导致的正向关联性股票收益与通货膨胀,肯定了费舍尔

功效,但赫斯和李(1999)指向一个需求推动发出的不平衡状况

在总需求、总供给的经济,引起一种正面的关系

这两个易变的（或反复不定的）
.3甚至会在短时间内覆盖在战后,河口(1979年)和

Gultekin(1983)发现股票收益之间的关系和通货膨胀在名义上

英国是积极的,这一发现可靠符合广义费舍尔

假设。用时间序列分析、Anari(2001)报告和Kolari概率测度的负相关

股票价格和通货膨胀之间,在短期内,其次是正向关系

长远的发展