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The Stock Market Crash of 1929 : Irving Fisher Was Right! / Edward C. Prescott, Ellen R. McGrattan.
Author
McGrattan, Ellen R.
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Format
Book
Language
English
Published/Created
Cambridge, MA : National Bureau of Economic Research, 2001.
Description
1 online resource (31, 6 unnumbered pages) : illustrations.
Details
Subject(s)
Stock Market Crash, 1929
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Financial crises
—
United States
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Economic history
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United States
—
Economic conditions
—
1918-1945
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Fisher, Irving 1867-1947
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Author
Prescott, Edward C.
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Series
Working paper series (National Bureau of Economic Research) ; Number 8622.
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Summary note
In the fall of 1929, the market value of all shares listed on the New York Stock Exchange fell by 30 percent. Many analysts then and now take the view that stocks were then overvalued and the stock market was in need of a correction. Irving Fisher argued that the fundamentals were strong and the stock market was undervalued. In this paper, we estimate the fundamental value of corporate equity in 1929 using data on stocks of productive capital and tax rates as in McGrattan and Prescott (2000, 2001) and compare it to actual stock valuations. We find that the stock market in 1929 did not crash because the market was overvalued. In fact, the evidence strongly suggests that stocks were undervalued, even at their 1929 peak.
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Description based on publisher supplied metadata and other sources.
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Princeton University Library aims to describe library materials in a manner that is respectful to the individuals and communities who create, use, and are represented in the collections we manage.
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