英语翻译A major problem in estimating the long-run Fisher effect

英语翻译
A major problem in estimating the long-run Fisher effect is that stock returns and inflation
are calculated using first differences of stock prices and goods prices,which eliminate longrun
information crucial to their measurement.In this respect,many writers acknowledge
that their findings reflect only a short-run relation.Boudoukh and Richardson (1993) and
Jaffe and Mandelker (1976) have demonstrated that to overcome this problem and to capture
a long-run inflation effect,a long sample period of 100 to 200 years should be used.An
alternative approach employed in this study is to use levels of stock prices and goods prices,
rather than stock returns and inflation rates.In this regard,we examine monthly stock price
(SP) and goods prices (CP) indexes for Australia and eight Asian countries for 1980–2001
using cointegration methods
The results of the cointegration test support the long-run relationship between stock
prices and goods prices.The long-run Fisher elasticities of stock prices with respect to
goods prices are in the range of 1.02 to 1.67 across the nine countries under study.With the
exception of Indonesia,the Philippines,and Thailand,the Fisher effect coefficient estimates
are significantly greater than one.In the case of Indonesia,the Philippines,and Thailand
the empirical results support the Fisher hypothesis,with estimated coefficients near unity.

一个主要的问题在估计长期费舍尔的效果是,股票收益与通货膨胀
首先计算使用的股票价格的差异和商品价格,从而消除龙润吗
关键测量信息.在这方面,许多作家承认
这一研究结果只反映出一个短期的关系.Boudoukh(1993)和和理查德森
Jaffe和Mandelker(1976)已经证实为克服这一问题,并捕捉
一个长期通胀效应、长采样周期100 200年才可以被使用.一个
可供选择的方法,这些方法在本研究是使用水平的股票价格和商品价格,
而不是股票回报与通货膨胀率.在这方面,我们检查月度股票价格
(SP)和商品的价格(CP)指标为澳大利亚和8个亚洲国家做1980-2001
利用协整分析方法
协整检验的结果支持之间的长期关系的股票
价格和商品的价格.这种长期的费舍尔的股票价格的弹性与尊重
商品的价格都在范围1.02合16.7穿过九个国家处于研究阶段.与
除了印尼、菲律宾和泰国,费舍尔影响系数的估计
是明显大于1.在案例中,印尼、菲律宾和泰国
实证结果支持费舍尔论,它以统一的估计系数附近