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The role of U.S. Real Estate as an inflation hedge
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This study evaluates the ability of the U.S. real estate sector to mitigate inflation using
NPCRE, FNRE, and DWRTF indices from 1998 to 2023. By applying Fama and Schwert
models, cointegration tests, and causality tests, detailed insights into the potential of real assets
as an inflation hedge are revealed. The findings challenge existing assumptions by showing
varying effectiveness across different segments of real estate in protecting against inflation.
Additionally, the inclusion of macro variables highlights their influence on inflation and how it
impacts the hedging abilities of real estate segments differently. Cointegration tests
demonstrates persistent connections between real estate returns and inflation emphasizing long term associations.
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Real Estate returns Inflation hedge U.S. economy Investment strategies