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Monetary Policy and Asset Prices: A Look at Past U.S. Stock Market Booms

Version
v0
Resource Type
Dataset : survey data
Creator
  • Bordo, Michael D. (Rutgers University and National Bureau of Economic Research)
  • Wheelock, David C. (Federal Reserve Bank of St. Louis)
Other Title
  • Archival Version (Subtitle)
Publication Date
2005-03-15
Funding Reference
  • Federal Reserve Bank of St. Louis
Language
English
Free Keywords
stock market conditions; stock markets
Description
  • Abstract

    This article examines the economic environments in which past U.S. stock market booms occurred as a first step toward understanding how asset price booms come about and whether monetary policy should be used to defuse booms. The authors identify several episodes of sustained rapid rises in equity prices in the 19th and 20th centuries, and then assess the growth of real output, productivity, the price level, and money and credit stocks during each episode. Two booms stand out in terms of their length and rate of increase in market prices -- the booms of 1923-1929 and 1994-2000. In general, the authors find that booms occurred in periods of rapid real growth and productivity advancement, suggesting that booms are driven at least partly by fundamentals. They find no consistent relationship between inflation and stock market booms, though booms have typically occurred when money and credit growth were above average.
  • Table of Contents

    Datasets:

    • DS1: Dataset
Geographic Coverage
  • United States
Collection Mode
  • (1) The file submitted is data file 0411dwd.xls. (2) These data are part of ICPSR's Publication-Related Archive and are distributed exactly as they arrived from the data depositor. ICPSR has not checked or processed this material. Users should consult the investigators if further information is desired.

Availability
Delivery
This version of the study is no longer available on the web. If you need to acquire this version of the data, you have to contact ICPSR User Support (help@icpsr.umich.edu).
Alternative Identifiers
  • 1308 (Type: ICPSR Study Number)
Relations
  • Is previous version of
    DOI: 10.3886/ICPSR01308.v1
Publications
  • Bordo, Michael D., Wheelock, David C.. Monetary Policy and Asset Prices: A Look Back at Past U.S. Stock Market Booms. Federal Reserve Bank of St. Louis Review.86, (6), 19-44.2004.

Update Metadata: 2015-08-05 | Issue Number: 6 | Registration Date: 2015-06-15

Bordo, Michael D.; Wheelock, David C. (2005): Monetary Policy and Asset Prices: A Look at Past U.S. Stock Market Booms. Archival Version. Version: v0. ICPSR - Interuniversity Consortium for Political and Social Research. Dataset. https://doi.org/10.3886/ICPSR01308