Monetary Policy and Stock Market Booms and Busts in the 20
Michael D. Bordo*Michael J. Dueker**David C. Wheelock**This draft: 10 May 2007Keywords: Stock market, booms, busts, monetary policy, policy regimesJEL codes: E300, E520, G180, N100, N200* Department of Economics, Rutgers University and NBER. Bordo@fas-econ.rutgers.edu** Research Division, Federal Reserve Bank of St. Louis. Dueker@stls.frb.org andWheelock@stls.frb.orgA prior version of this paper was presented at the Bank of England on 23 November 2006 inthe
Second Economic History Panel: Past, Present and Policy
, sponsored by the CEPR andInstitut d’Etudes Politiques de Paris. The authors thank Isabel Schnabel, Geoffrey Wood andother Panel participants for their comments, and Daniel McDonald, Christopher Martinek and Joshua Ulrich for research assistance. The views expressed in this paper are notnecessarily official positions of the Federal Reserve Bank of St. Louis or the Federal ReserveSystem.