费雪效应

股票市场的费雪效应（FisherEffect），是指股票的预期名义收益率等于其预期实际收益率加上预期通货膨胀率。

Fisher Effect in stock market means the expected nominal return should equal to the expected real return plus expected inflation rate .

基于分位数回归模型的我国费雪效应检验

Test of Fisher Effect in China based on Quantile Regression Model

人们将这一现象称之为费雪效应悖论。

The phenomenon is known as ' Fisher Effect Paradox ' .

利率与通货膨胀：一个费雪效应的经验分析

Interest Rates and Inflation : An Empirical Analysis of the Fisher Effect

对费雪效应的重新考察：来自面板协整的国际新证据

Reconsideration of Fisher Effect : New International Evidence Coming From Panel Cointegration

名义利率与通货膨胀：对我国费雪效应的再检验&基于门限回归模型分析

Nominal Interest Rates and Inflation : A Re-examination of the Fisher Effect in China

市场结构反转下之费雪效应研究

Research on Fisher Effect under Market Structural Break

尽管如此，对于经济学特别是对货币政策而言，费雪效应研究仍然具有不可替代的作用。

Nonetheless , the research of Fisher Effect is irreplaceable for the financial market and monetary policy .

实际股票收益不能对抗通货膨胀带来的损失，股票投资者会因通货膨胀而遭受一定损失，费雪效应不成立。

Fisher effect is not exist in Chinese stock market . Investor of stock have lose for inflation .

国际费雪效应证明这个模型可以在实际中应用，并且结果和均方误差模型不同。

The International Fisher Effect proves the model can be used in practice and shows its outcome may differ from the mean squared approach .

对于通货膨胀率的变化，利率政策的调整以及股票收益率会随之产生怎样的变化，其关键在于费雪效应是否成立或在何种程度上成立，这就是本文的主要研究目的。

How the interest rate and the stock return rate change accordingly and whether the Fisher Effect exists or not when inflation rate changes ?

研究结果基本是一致的：股票市场费雪效应不存在，股票收益与通货膨胀率之间存在负的相关关系。

The conclusions are identical : Fisher Effect does not hold in stock market , and there is negative correlation between stock return and inflation rate .

首先我们通过将实际股票收益率对实际通货膨胀率进行回归我们初步得出费雪效应不成立。

First we do ADF stationary test for each variable , then we find that Fisher effect does not hold by the regression between actual stock return and inflation .

在我国股市，费雪效应并不成立，通货膨胀上升，实际股票收益下降，通货膨胀增加了股票市场风险。

The Fisher effect is untenable and the real stock returns will drop when the inflation rises on our country , the inflation having increased the risk of stock market .

自20世纪70年代以来，西方对股票市场费雪效应是否成立以及通货膨胀率与股票收益之间的关系进行了大量的研究。

From 1970s , the scholars in western country have done lots research on whether Fisher Effect holds in capital market as well as the relation between inflation rate and stock return .

围绕着如何解释和检验费雪效应假说，各国学者提出了很多的理论及方法，产生了大量相关的文献。

Around how to explain and test the ' Fisher Effect Hypothesis ', scholars from various countries proposed a lot of theories and methods and produce a large number of relevant documents .

因此，检验一个经济体中是否存在费雪效应，对货币政策和其他相关政策的制定实施以及完善金融体制有重要的现实意义。

Thus , to test if there is Fisher effect in an economy is practical significance on the formulation and implementation of monetary policy and other relevant policies and on sound financial system .

费雪效应意味着实际利率在长期上是保持不变的，不会受到预期通货膨胀的影响，即名义利率和通货膨胀是一对一的调整关系。

Fisher effect means that real interest rates is to remain constant in the long run , it will not be affected by expected inflation , therefore leading to one-to-one relationship between the expected inflation rate and the nominal interest rate .

笔者基于股票实际收益率和通货膨胀率进一步进行非参数估计，得出的费雪效应系数大多数情况为负，少数系数为正，而并非费雪效应隐含的系数为零。

Moreover , we apply the nonparametric estimation on the real stock return rate and inflation rate , and get the coefficients of the Fisher Effect are mainly negative , sometime positive and the coefficient exclude from the Fisher Effect are zero .

实证研究中，学者们使用不同计量方法、基于不同国家和不同时期等情形下，对名义利率和通货膨胀率的关系进行实证研究，得到的结论不尽相同，形成了所谓的费雪效应之谜。

Empirical studies scholars analyze the relationship between nominal interest rates and inflation based on different econometrics methods , different countries , different periods , etc , and their conclusions are different . Forming so called " the puzzle of the Fisher Effect " .

众多学者试图从理论及实证两个方面来解释和检验费雪效应，但是一直以来，各国学者对费雪效应检验的结果都不大理想，他们发现资产收益率与通货膨胀率之间存在着显著的负相关关系。

Many scholars want to explain and verify the hypothesis from both theoretical and empirical aspect . However , the results are not good . On the contrary , they reflect the significant negative correlations existed between the assets yield rate and the inflation rate .