Inflation and the Stock Market: Understanding the Fed Model

University of Amsterdam, and the Federal reserve System's Day Ahead Conference in San Francisco for helpful comments. All errors are the sole responsibility of the authors. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications