Presents discussion and analysis of the Federal Reserve's involvement with the equity markets, with emphasis on the three major bull markets. Equity market activity during the 1920s, 1960s and 1990s is linked with the monetary policies of Benjamin Strong, William McChesney Martin Jr, and Alan Greenspan, respectively.
Roger W. Spencer is Professor of Economics at Trinity University, Texas. John H. Huston is Chair of the Department of Economics at the same university.
Preface; Acknowledgements; 1. Introduction; 2. The Federal Reserve and the Equity Markets: The Early Years with Benjamin Strong; 3. William McChesney Martin, Jr.: Speculative and Inflationary Pressures from the Korean War to Vietnam; 4. Alan Greenspan: From Brief Stock Market Crash to Enduring Stock Market Bubbles; 5. An Empirical Assessment of Federal Reserve Response to Changing Equity Market Conditions: Three Bull Market Eras; 6. Conclusion; Appendix 1: Literature Review; Appendix 2: Alternative Specifications; Bibliography; Index.