tailieunhanh - U.S. STOCK MARKET CRASHES AND THEIR AFTERMATH: IMPLICATIONS FOR MONETARY POLICY

With complaints and inquiries from senior citizen investors concerning financial services and investment fraud increasing, the Missouri Securities Division, which is housed in Secretary Carnahan’s office, engaged in efforts to determine how to best increase protection for those older investors. In early 2010, the Division launched a Senior Investor Protection Audit Sweep (“Sweep”) to examine the practices and safeguards put in place by Missouri-registered broker- dealer and investment adviser firms to protect their senior clients and address the unique challenges of those customers. . | NBER WORKING PAPER SERIES . STOCK MARKET CRASHES AND THEIR AFTERMATH IMPLICATIONS FOR MONETARY POLICY Frederic S. Mishkin Eugene N. White Working Paper 8992 http papers w8992 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge MA 02138 June 2002 This paper is based on a paper delivered to the Asset Price Bubbles Conference sponsored by the Federal Reserve Bank of Chicago and The World Bank on April 23 2002. We thank Michael Bordo Hugh Rockoff and participants in the Columbia macro lunch for their helpful comments. The views expressed herein are those of the authors and not necessarily those of the National Bureau of Economic Research Columbia University or Rutgers University. 2002 by Frederic S. Mishkin and Eugene N. White. All rights reserved. Short sections of text not to exceed two paragraphs may be quoted without explicit permission provided that full credit including notice is given to the source. . Stock Market Crashes and Their Aftermath Implications for Monetary Policy Frederic S. Mishkin and Eugene N. White NBER Working Paper No. 8992 June 2002 JEL No. E58 E44 N22 ABSTRACT This paper examines fifteen historical episodes of stock market crashes and their aftermath in the United States over the last one hundred years. Our basic conclusion from studying these episodes is that financial instability is the key problem facing monetary policy makers and not stock market crashes even if they reflect the possible bursting of a bubble. With a focus on financial stability rather than the stock market the response of central banks to stock market fluctuations is more likely to be optimal and maintain support for the independence of the central bank. Frederic S. Mishkin Graduate School of Business Uris Hall 619 Columbia University New York NY 10027 and NBER fsm3@ Eugene N. White Department of Economics Rutgers University New Brunswick NJ 08901 and NBER white@ I. INTRODUCTION In recent years there

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