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一、宏觀經(jīng)濟(jì)運(yùn)行分析
（1）不同階段的通貨膨脹對(duì)證券市場的影響：
①早期通貨膨脹導(dǎo)致證券市場價(jià)格上揚(yáng)?
②中期通貨膨脹導(dǎo)致證券市場價(jià)格下跌
③晚期通貨膨脹導(dǎo)致證券市場價(jià)格低迷?
（2）不同程度的通貨膨脹對(duì)證券市場的影響：
①溫和、穩(wěn)定的通貨膨脹導(dǎo)致證券市場價(jià)格上揚(yáng)
②嚴(yán)重的通貨膨脹導(dǎo)致證券市場價(jià)格下跌。
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