TY  - BOOK
AU  - Mishkin,Frederic S.
AU  - White,Eugene N.
ED  - National Bureau of Economic Research.
TI  - U.S. Stock Market Crashes and Their Aftermath: Implications for Monetary Policy 
T2  - NBER working paper series
PY  - 2002///
CY  - Cambridge, Mass.
PB  - National Bureau of Economic Research
N1  - June 2002; Hardcopy version available to institutional subscribers
N2  - 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
UR  - https://www.nber.org/papers/w8992
UR  - http://dx.doi.org/10.3386/w8992
ER  -