Michael J. Hamburger, Levis A. Kochin, Money and Stock Prices: The Channels of Influences, The Journal of Finance, Vol. 27, No. 2, Papers and Proceedings of the Thirtieth Annual Meeting of the American Finance Association, New Orleans, Louisiana, December 27-29, 1971 (May, 1972), pp. 231-249
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Hamburger et al. (1972) studied this question.
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