NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Inflation, Portfolio Choice, and the Price of Land and Corporate Stock

Martin Feldstein

NBER Working Paper No. 526 (Also Reprint No. r0135)
Issued in August 1980
NBER Program(s):   PE

This paper presents an explicit model of portfolio demand and uses it to show how the rate of inflation and its variances affect the real prices of land and of common stock. The analysis is thus an extension of two of the author's earlier papers which studied how the interaction of inflation and tax rules alter the real prices of land and stock. The analysis shows the importance of going beyond the traditional assumption that net—of—tax yields are equated for all assets.

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Document Object Identifier (DOI): 10.3386/w0526

Published: Feldstein, Martin. "Inflation, Portfolio Choice, and the Prices of Land and Corporate Stock." American Journal of Agricultural Economics, Vol. 62, No. 5, (December 1980), pp. 910-916.

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