Mishkin, Frederic S. <br/><br/>
U.S. Stock Market Crashes and Their Aftermath:  Implications for Monetary Policy / 
Frederic S. Mishkin, Eugene N. White. 
 - Cambridge, Mass.  National Bureau of Economic Research  2002. 
 - 1 online resource:  illustrations (black and white); 
 - NBER working paper series  no. w8992 .
 - Working Paper Series (National Bureau of Economic Research)  no. w8992. .
<br/><br/> June 2002. 
<br/><br/> 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. 
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