Irrational Exuberance?, April 21, 2000
The unusual behavior of the stock market is a concern to monetary policymakers for a variety of reasons; for instance, growing stock market wealth can lead to an increase in consumption demand that exceeds the economy’s productive capacity. In view of these concerns, the Federal Reserve Bank of San Francisco and the Stanford Institute for Economic Policy Research held a workshop on April 21, 2000, to discuss five papers on the stock market.
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Federal Reserve Bank of San Francisco
