This paper considers price and quantity movements in the three major asset classes — real estate, equity, and nominal fixed income — in the postwar period. To understand these movements, we compute a sequence of temporary equilibria in a lifecycle model with heterogeneous agents and uninsurable nominal risk. A key input to the model is the joint distribution of asset endowments and income, which we take from household level data. We show that changes in inflation expectations, together with demographic shifts and changes in asset supply, help understand the experience of the 1970s.