NBER Publications by David Wheelock
Working Papers and Chapters
| May 2008 | Inflation, Monetary Policy and Stock Market Conditions
with Michael D. Bordo, Michael J. Dueker: w14019
This paper examines the association between inflation, monetary policy and U.S. stock market conditions during the second half of the 20th century. We estimate a latent variable VAR to examine how macroeconomic and policy shocks affect the condition of the stock market. Further, we examine the contribution of various shocks to market conditions during particular episodes and find evidence that inflation and interest rate shocks had particularly strong impacts on market conditions in the postwar era. Disinflation shocks promoted market booms and inflation shocks contributed to busts. We conclude that central banks can contribute to financial market stability by minimizing unanticipated changes in inflation. |
| January 1998 | Was the Great Depression a Watershed for American Monetary Policy?
with Charles Calomiris
in The Defining Moment: The Great Depression and the American Economy in the Twentieth Century, Michael D. Bordo, Claudia Goldin and Eugene N. White, editors
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| n/a | The Great Inflation: Did The Shadow Know Better?
with William Poole, Robert Rasche
in The Great Inflation, Michael D. Bordo and Athanasios Orphanides, editors
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