通货膨胀对证券市场的影响
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一、宏观经济运行分析
（1）不同阶段的通货膨胀对证券市场的影响：
①早期通货膨胀导致证券市场价格上扬
②中期通货膨胀导致证券市场价格下跌
③晚期通货膨胀导致证券市场价格低迷
（2）不同程度的通货膨胀对证券市场的影响：
①温和、稳定的通货膨胀导致证券市场价格上扬
②严重的通货膨胀导致证券市场价格下跌。
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