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Our most academic publication offers research and surveys on monetary policy, national and international developments, banking, and more. The content is written for an economically informed readership—from the undergraduate student to the PhD.


Vol. 91, No. 6 (Posted 2009-11-02)

What Happened to the U.S. Stock Market? Accounting for the Past 50 Years

by Michele Boldrin and Adrian Peralta-Alva

The extreme volatility of stock market values has been the subject of a large body of literature. Previous research focused on the short run because of a widespread belief that in the long run the market reverts to well-established fundamentals. The authors' research suggests this belief should be questioned.

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