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Working Papers

February 1978, No. 78-2

Uncertain Inflation, Systematic Risk, and the Capital Asset Pricing Model

Thomas A. Lawler

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The Sharpe-Linter two parameter Capital Asset Pricing Model (CAPM) has been the basis for an extraordinary amount of theoretical and empirical work. As originally developed, the CAPM did not explicitly account for the effects of uncertain inflation on asset prices.

Katrina Mullen (804) 697-8145