NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Inflation, Tax Rules, and the Stock Market

Martin Feldstein

NBER Working Paper No. 403 (Also Reprint No. r0089)
Issued in November 1979
NBER Program(s):   PE

This paper shows how the interaction of tax rules and expected inflation can decrease substantially the share price per dollar of pretax earnings. The current analysis extends my earlier study [Feldstein (1978)] by recognizing corporate debt, retained earnings, and the role of diverse shareholder investments. As before, the analysis separates household and institutional investors.

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Document Object Identifier (DOI): 10.3386/w0403

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