| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w10704 |
| 来源ID | Working Paper 10704 |
| Monetary Policy and Asset Prices: A Look Back at Past U.S. Stock Market Booms | |
| Michael D. Bordo; David C. Wheelock | |
| 发表日期 | 2004-08-30 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | This paper 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. We identify several episodes of sustained rapid rise in equity prices in the 19th and 20th Centuries, and then assess the growth of real output, productivity, the price level, 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 1923-29 and 1994-2000. In general, we find that booms occurred in periods of rapid real growth and productivity advance, suggesting that booms are driven at least partly by fundamentals. We find no consistent relationship between inflation and stock market booms, though booms have typically occurred when money and credit growth were above average. |
| 主题 | Macroeconomics ; Monetary Policy ; Financial Economics ; Portfolio Selection and Asset Pricing |
| URL | https://www.nber.org/papers/w10704 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/568336 |
| 推荐引用方式 GB/T 7714 | Michael D. Bordo,David C. Wheelock. Monetary Policy and Asset Prices: A Look Back at Past U.S. Stock Market Booms. 2004. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w10704.pdf（473KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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