Journal of Economic Perspectives: Vol. 4 No. 2 (Spring 1990)


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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


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.

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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


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