search query: @author Rappoport, P. / total: 3
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| Author: | Rappoport, P. White, E. |
| Title: | Was the crash of 1929 expected? |
| Journal: | American Economic Review
1994 : MAR, VOL. 84:1, p. 271-281 |
| Index terms: | EXPECTATIONS MARKETS LOANS OPTIONS |
| Language: | eng |
| Abstract: | The stock-market crashes of 1929 and 1987 are two events that took contemporary market participants by surprise and that economists have found difficult to explain. The parallels between the two crashes are striking. Most of the 42-percent gain of the market in 1987 was erased by a two-day decline of 23 percent in October. Similarly, as measured by the Dow Jones Industrial Average, the market had gained almost 50 percent in 1928 and 25 percent in 1929. |
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