In Search of Stock Market Bubbles: A Comment on Rappoport and White
评论Rappoport和White关于1928/29年股市泡沫的研究，指出其结论仅基于经纪人贷款利率与其他货币市场利率的利差扩大，而非泡沫的计量经济学证据。
In a recent article in this JOURNAL, Peter Rappoport and Eugene N. White (hereafter R-W) conclude that, “while there is still room for skepticism [of the presence of a bubble in the boom and bust stock market of 1928/29], the traditional accounts of a bubble in the market cannot be so easily dismissed”. 1 Their conclusion is not based on econometric evidence for a stock market bubble per Se. Instead, it is based solely on their interpretation of the widening spread between the interest rates on brokers’ loans (call and time loans collateralized by stocks and bonds) and other money market interest rates in 1928 and 1929.