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Journal of Economic Perspectives: Vol. 4 No. 2 (Spring 1990)
JEP Volume. 4, Issue 2 | 
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The Stock Market Boom and Crash of 1929 Revisited
Article Citation
White, Eugene N. 1990. "The Stock Market Boom and Crash of 1929 Revisited."
Journal of Economic Perspectives,
4(2): 67-83.
DOI: 10.1257/jep.4.2.67
DOI: 10.1257/jep.4.2.67
Abstract
This paper will sort through many of the hypotheses offered to explain the 1929 boom and bust. Most of the factors cited by historians played trivial or insignificant roles. The central issue is whether fundamentals or a bubble drove the bull market upwards. An econometric resolution of this question is unlikely, for reasons that Flood and Hodrick explain in their contribution to this symposium. However, the qualitative evidence assembled in this paper favors the view that a bubble was present in the 1929 market.
Article Full-Text Access
Full-text Article (Complimentary)
Authors
White, Eugene N. (Rutgers U)
JEL Classifications
313: Capital Markets--Empirical Studies, Including Regulation
042: Economic History--United States and North America--History of Product Prices and Markets
042: Economic History--United States and North America--History of Product Prices and Markets
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