Stock Returns and Real Activity: A Century of Evidence
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This paper analyzes the relation between real stock returns and real activity from 1889-1988. It replicates Fama's (1990) results for the 1953-87 period using an additional 65 years of data. It also compares two measures of industrial production in the tests: (1) the series produced by Babson for
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美国国家经济研究局创建时间:
1990-03-01



