The Journal of Finance publishes leading research across all the major fields of finance. It is one of the most widely cited journals in academic finance, and in all of economics. Each of the six issues per year reaches over 8,000 academics, finance professionals, libraries, and government and financial institutions around the world. The journal is the official publication of The American Finance Association, the premier academic organization devoted to the study and promotion of knowledge about financial economics.
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Expectations, Surprises and Treasury Bill Rates: 1960–82
Published: 07/01/1984 | DOI: 10.1111/j.1540-6261.1984.tb03657.x
PATRIC H. HENDERSHOTT
Changes in six‐month bill rates over semiannual periods in the 1960s and 1970s are successfully related to expected changes and to surprises. The latter include unanticipated changes in expected inflation, in the growth of industrial production and base money, and in inflation uncertainty. Estimation of the basic equation through the middle of 1983 does not suggest any change in structure. Moreover the equation “explains” 60 percent of the extraordinarily high level of real rates since late 1980, largely owing to an excess of unexpected net increases in anticipated inflation over actual increases.
REPLY*
Published: 09/01/1973 | DOI: 10.1111/j.1540-6261.1973.tb01430.x
Patric H. Hendershott
POLICY AND STATISTICAL EXOGENEITY: REPLY
Published: 12/01/1976 | DOI: 10.1111/j.1540-6261.1976.tb03232.x
Patric H. Hendershott
The Allocation of Capital Between Residential and Nonresidential Uses: Taxes, Inflation and Capital Market Constraints
Published: 06/01/1983 | DOI: 10.1111/j.1540-6261.1983.tb02502.x
PATRIC H. HENDERSHOTT, SHENG CHENG HU
We have constructed a simple two‐sector model of the demand for housing and corporate capital. Economic growth and an increase in the inflation rate were then simulated with a number of model variants. The model and simulation experiments illustrate both the tax bias in favor of housing and the manner in which the increase in inflation between 1965 and 1978 magnified it. The existence of capital‐market constraints offsets the bias against corporate capital, but it introduces a sharp, inefficient reallocation of housing from less wealthy, constrained households to wealthy households who do not have gains on mortgages and are not financially constrained.
DISCUSSION
Published: 05/01/1975 | DOI: 10.1111/j.1540-6261.1975.tb01825.x
Donald L. Tuttle, Patric H. Hendershott