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Table 3.7 gives data on gold prices, the Consumer Price Index (CPI), and the New York Stock Exchange (NYSE) Index for the United States for the period 1977-1991. The NYSE Index includes most of the stocks listed on the NYSE, some 1500 plus.
Year
Price of gold at New York,
$ per troy ounce
Consumer Price Index (CPI), 1982-84 = 100
New York Stock Exchange (NYSE) Index,
Dec. 31, 1965 = 100
1977
147.98
60.6
53.69
1978
193.44
65.2
53.70
1979
307.62
72.6
58.32
1980
612.51
82.4
68.10
1981
459.61
90.9
74.02
1982
376.01
96.5
68.93
1983
423.83
99.6
92.63
1984
360.29
103.9
92.46
1985
317.30
107.6
108.90
1986
367.87
109.6
136.00
1987
446.50
113.6
161.70
1988
436.93
118.3
149.91
1989
381.28
124.0
180.02
1990
384.08
130.7
183.46
1991
362.04
136.2
206.33
a. Plot in the same scattergram gold prices, CPI, and the NYSE Index.
b. An investment is supposed to be a hedge against in?ation if its price and/or rate of return at least keeps pace with in?ation. To test this hypothesis, suppose you decide to ?t the following model, assuming the scatterplot in a suggests that this is appropriate: Gold price t = β1 + β2 CPI t + utNYSE index t = β1 + β2 CPI t + ut
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