In study, We give a ADF test to data. We proxy inflation variability by the conditional variance of inflation generated by GARCH model, and to test the relation of the stock returns and variability, of variability and inflation.

• 本研究对相关数据进行ADF检验，非平稳数据进行差分平稳处理，通过GARCH模型确定通货膨胀不确定性，然后检验实际股票收益与通货膨胀不确定性、通胀不确定性与通货膨胀之间相关关系。