作业帮英语翻译Literature on tests of the generalized Fisher hypothesis
来源：学生作业帮 编辑：作业帮 分类：英语作业 时间：2024/07/19 05:41:33
英语翻译
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.
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.
话说我已经第三回看到楼上了.先占个楼,慢慢翻：）
译文：
有关一般化费舍假说的各种文献说法不一.许多研究找到了有关证据,以证明所谓的反费舍假说,即无论期望中的还是未预见的通货膨胀均会对股市收益造成负面影响.
Fama的说法显示出,增长的通胀率会减少实体经济活动,从而对未来的集体收益和股票价格造成负面效应,而Geske和Roll（1983）等其他人更关注反周期的货币反应,此现象进一步加强了实体经济活动与通胀之间的负面联系.2.另一方面,许多研究者在报告中称,当从长期角度评估股市收益与通胀时,费舍假说就不能被否认了.Kaul（1987）主张顺周期的货币反应将导致通胀与股票收益之间的正相关,这肯定了费舍假说；同时,Hess和Lee（1999）将目光投向由经济中累积总需求和供应之间的不均衡所导致的需求冲突,这种需求冲突会造成两个变量【译注：指通胀和股票收益】的正向关联.3.即便是包括战后几年的较短时期里,Firth（1979）和Gultekin（1983）发现,英国的账面股票收益与通胀之间的关系的的确确是正向关联的,这个发现与一般化费舍假说是一致的.经过时间序列分析,Anari和Kolari（2001）报告称,股票价格和通货膨胀之间,对于短期是负相关,而对于长期来说是正相关的.
完毕.译文中的英文及数字,应为经济学家和他们发表的文献日期（我只查了几个）.希望下次如果翻译这类文章,应该把术语给出来.工作量还是很大的,不要太吝啬哦 ：）
译文：
有关一般化费舍假说的各种文献说法不一.许多研究找到了有关证据,以证明所谓的反费舍假说,即无论期望中的还是未预见的通货膨胀均会对股市收益造成负面影响.
Fama的说法显示出,增长的通胀率会减少实体经济活动,从而对未来的集体收益和股票价格造成负面效应,而Geske和Roll（1983）等其他人更关注反周期的货币反应,此现象进一步加强了实体经济活动与通胀之间的负面联系.2.另一方面,许多研究者在报告中称,当从长期角度评估股市收益与通胀时,费舍假说就不能被否认了.Kaul（1987）主张顺周期的货币反应将导致通胀与股票收益之间的正相关,这肯定了费舍假说；同时,Hess和Lee（1999）将目光投向由经济中累积总需求和供应之间的不均衡所导致的需求冲突,这种需求冲突会造成两个变量【译注：指通胀和股票收益】的正向关联.3.即便是包括战后几年的较短时期里,Firth（1979）和Gultekin（1983）发现,英国的账面股票收益与通胀之间的关系的的确确是正向关联的,这个发现与一般化费舍假说是一致的.经过时间序列分析,Anari和Kolari（2001）报告称,股票价格和通货膨胀之间,对于短期是负相关,而对于长期来说是正相关的.
完毕.译文中的英文及数字,应为经济学家和他们发表的文献日期（我只查了几个）.希望下次如果翻译这类文章,应该把术语给出来.工作量还是很大的,不要太吝啬哦 ：）
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