According to Modigliani and Cohn, high inflation tends to cause equities to be:

Name: According to Modigliani and Cohn, high inflation tends to cause equities to be:
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According to Modigliani and Cohn, high inflation tends to cause equities to be undervalued. This is because investors often overestimate the impact of inflation on nominal interest rates, leading to higher discount rates for equities and thus lower present values.

According to Modigliani and Cohn, High Inflation Tends to Cause