{"id":"https://openalex.org/W1533733709","doi":"https://doi.org/10.3386/w2645","title":"The Stabilization of the U.S. Economy Evidence From the Stock Market","display_name":"The Stabilization of the U.S. Economy Evidence From the Stock Market","publication_year":1988,"publication_date":"1988-07-01","ids":{"openalex":"https://openalex.org/W1533733709","doi":"https://doi.org/10.3386/w2645","mag":"1533733709"},"language":"en","primary_location":{"id":"doi:10.3386/w2645","doi":"https://doi.org/10.3386/w2645","is_oa":true,"landing_page_url":"https://doi.org/10.3386/w2645","pdf_url":"https://doi.org/10.3386/w2645","source":{"id":"https://openalex.org/S2809516038","display_name":"National Bureau of Economic Research","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":["https://openalex.org/P4322614461"],"host_organization_lineage_names":["National Bureau of Economic Research"],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"National Bureau of Economic Research","raw_type":"report"},"volume":null,"type":"report","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://doi.org/10.3386/w2645","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5034718687","display_name":"Matthew D. Shapiro","orcid":"https://orcid.org/0000-0003-3435-7932","observed_orcids":["https://orcid.org/0000-0003-3435-7932"]},"institutions":[{"id":"https://openalex.org/I1321305853","display_name":"National Bureau of Economic Research","ror":"https://ror.org/04grmx538","country_code":"US","type":"nonprofit","lineage":["https://openalex.org/I1321305853"]},{"id":"https://openalex.org/I27837315","display_name":"University of Michigan","ror":"https://ror.org/00jmfr291","country_code":"US","type":"education","lineage":["https://openalex.org/I27837315"]}],"countries":["US"],"is_corresponding":true,"raw_author_name":"Matthew Shapiro","raw_affiliation_strings":["OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge , MA 02138","National Bureau of Economic Research (NBER)","University of Michigan at Ann Arbor - Department of Economics"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge , MA 02138","institution_ids":["https://openalex.org/I1321305853"]},{"raw_affiliation_string":"National Bureau of Economic Research (NBER)","institution_ids":["https://openalex.org/I1321305853"]},{"raw_affiliation_string":"University of Michigan at Ann Arbor - Department of Economics","institution_ids":["https://openalex.org/I27837315"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":2,"corresponding_author_ids":["https://openalex.org/A5034718687"],"corresponding_institution_ids":["https://openalex.org/I1321305853","https://openalex.org/I27837315"],"apc_list":null,"apc_paid":null,"fwci":null,"has_fulltext":true,"cited_by_count":49,"citation_normalized_percentile":null,"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.8476999998092651,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.8476999998092651,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11059","display_name":"Market Dynamics and Volatility","score":0.08980000019073486,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11742","display_name":"Economic Theory and Policy","score":0.01510000042617321,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/economic-stabilization","display_name":"economic stabilization","score":0.7860000133514404},{"id":"https://openalex.org/keywords/business-cycle-volatility","display_name":"business cycle volatility","score":0.699999988079071},{"id":"https://openalex.org/keywords/stock-prices","display_name":"stock prices","score":0.7310000061988831},{"id":"https://openalex.org/keywords/stock-market-volatility","display_name":"stock market volatility","score":0.6269999742507935},{"id":"https://openalex.org/keywords/real-economic-activity","display_name":"real economic activity","score":0.7110000252723694},{"id":"https://openalex.org/keywords/post-world-war-ii-economy","display_name":"post-World War II economy","score":0.781000018119812},{"id":"https://openalex.org/keywords/measurement-of-economic-activity","display_name":"economic activity measurement","score":0.5490000247955322}],"concepts":[{"id":"https://openalex.org/C2780299701","wikidata":"https://www.wikidata.org/wiki/Q475000","display_name":"Stock market","level":3,"score":0.7712600231170654},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.6389890313148499},{"id":"https://openalex.org/C12747933","wikidata":"https://www.wikidata.org/wiki/Q13405082","display_name":"Stock market bubble","level":4,"score":0.6340447068214417},{"id":"https://openalex.org/C204036174","wikidata":"https://www.wikidata.org/wiki/Q909380","display_name":"Stock (firearms)","level":2,"score":0.628180205821991},{"id":"https://openalex.org/C137355542","wikidata":"https://www.wikidata.org/wiki/Q362","display_name":"World War II","level":2,"score":0.5120518803596497},{"id":"https://openalex.org/C148126853","wikidata":"https://www.wikidata.org/wiki/Q7316309","display_name":"Restricted stock","level":4,"score":0.495853990316391},{"id":"https://openalex.org/C19244329","wikidata":"https://www.wikidata.org/wiki/Q208697","display_name":"Financial market","level":2,"score":0.4429289698600769},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.42250093817710876},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.37824174761772156},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.32521554827690125},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.18466511368751526},{"id":"https://openalex.org/C205649164","wikidata":"https://www.wikidata.org/wiki/Q1071","display_name":"Geography","level":0,"score":0.07790333032608032},{"id":"https://openalex.org/C2779343474","wikidata":"https://www.wikidata.org/wiki/Q3109175","display_name":"Context (archaeology)","level":2,"score":0.0},{"id":"https://openalex.org/C166957645","wikidata":"https://www.wikidata.org/wiki/Q23498","display_name":"Archaeology","level":1,"score":0.0}],"mesh":[],"locations_count":6,"locations":[{"id":"doi:10.3386/w2645","doi":"https://doi.org/10.3386/w2645","is_oa":true,"landing_page_url":"https://doi.org/10.3386/w2645","pdf_url":"https://doi.org/10.3386/w2645","source":{"id":"https://openalex.org/S2809516038","display_name":"National Bureau of Economic Research","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":["https://openalex.org/P4322614461"],"host_organization_lineage_names":["National Bureau of Economic Research"],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"National Bureau of Economic Research","raw_type":"report"},{"id":"pmh:oai:RePEc:cwl:cwldpp:876","doi":null,"is_oa":false,"landing_page_url":"https://cowles.yale.edu/sites/default/files/files/pub/d08/d0876.pdf","pdf_url":"https://cowles.yale.edu/sites/default/files/files/pub/d08/d0876.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"},{"id":"pmh:oai:RePEc:nbr:nberwo:2645","doi":null,"is_oa":false,"landing_page_url":"http://www.nber.org/papers/w2645.pdf","pdf_url":"http://www.nber.org/papers/w2645.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"},{"id":"mag:1533733709","doi":null,"is_oa":true,"landing_page_url":"https://papers.ssrn.com/sol3/papers.cfm?abstract_id=439572","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"SSRN Electronic Journal","raw_type":null},{"id":"mag:3125713826","doi":null,"is_oa":false,"landing_page_url":"https://econpapers.repec.org/paper/cwlcwldpp/876.htm","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"RePEc: Research Papers in Economics","raw_type":null},{"id":"pmh:oai:RePEc:aea:aecrev:v:78:y:1988:i:5:p:1067-79","doi":null,"is_oa":false,"landing_page_url":"http://links.jstor.org/sici?sici=0002-8282%28198812%2978%3A5%3C1067%3ATSOTUE%3E2.0.CO%3B2-M&origin=repec","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"}],"best_oa_location":{"id":"doi:10.3386/w2645","doi":"https://doi.org/10.3386/w2645","is_oa":true,"landing_page_url":"https://doi.org/10.3386/w2645","pdf_url":"https://doi.org/10.3386/w2645","source":{"id":"https://openalex.org/S2809516038","display_name":"National Bureau of Economic Research","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":["https://openalex.org/P4322614461"],"host_organization_lineage_names":["National Bureau of Economic Research"],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"National Bureau of Economic Research","raw_type":"report"},"sustainable_development_goals":[],"sustainable_development_goals_aurora":[{"display_name":"Decent work and economic growth","id":"https://metadata.un.org/sdg/8","score":0.4399999976158142}],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W1533733709.pdf","grobid_xml":"https://content.openalex.org/works/W1533733709.grobid-xml"},"referenced_works_count":15,"referenced_works":["https://openalex.org/W85304251","https://openalex.org/W1484799109","https://openalex.org/W1580342459","https://openalex.org/W1606342119","https://openalex.org/W1967932981","https://openalex.org/W1988514462","https://openalex.org/W2068298385","https://openalex.org/W2088992973","https://openalex.org/W2123518587","https://openalex.org/W2166490115","https://openalex.org/W2168286034","https://openalex.org/W3122267457","https://openalex.org/W6610753063","https://openalex.org/W6631330122","https://openalex.org/W6659055505"],"related_works":["https://openalex.org/W2073753934","https://openalex.org/W1568929615","https://openalex.org/W4236499509","https://openalex.org/W1491383244","https://openalex.org/W7096639423","https://openalex.org/W177694860","https://openalex.org/W7006071653","https://openalex.org/W2081705111","https://openalex.org/W1923779718","https://openalex.org/W2124342865"],"abstract_inverted_index":{"Until":[0],"recently,":[1],"economists":[2],"widely":[3],"believed":[4],"that":[5,28,38,124],"economic":[6],"activity":[7,126],"had":[8],"become":[9],"less":[10],"variable":[11],"in":[12,92,102],"the":[13,17,43,52,89,103,110,122],"United":[14],"States":[15],"following":[16],"end":[18],"of":[19,80,86,88,96],"World":[20],"War":[21,105,112],"II.Challenging":[22],"this":[23],"belief,":[24],"new":[25],"research":[26],"suggests":[27],"key":[29],"historical":[30],"time":[31,81,94],"series":[32],"are":[33,74,84],"spuriously":[34],"volatile,":[35],"a":[36,48,65],"finding":[37],"is":[39],"highly":[40],"controversial.Data":[41],"from":[42],"stock":[44,56,69,97,117],"market":[45,118],"may":[46],"provide":[47],"vehicle":[49],"for":[50],"resolving":[51],"controversy.Economic":[53],"theory":[54],"relates":[55],"prices":[57,70,98],"to":[58,109],"real":[59,125],"activity;":[60],"empirical":[61],"tests":[62],"also":[63],"show":[64,99],"strong":[66],"link":[67],"between":[68],"and":[71,82],"activity.Financial":[72],"data":[73,119],"accurately":[75],"measured":[76],"over":[77],"long":[78],"spans":[79],"hence":[83],"free":[85],"most":[87],"measurement":[90],"problems":[91],"other":[93],"series.Measures":[95],"no":[100],"stabilization":[101],"post-World":[104],"II":[106],"period":[107],"relative":[108],"pre-Worid":[111],"I":[113],"or":[114],"pre-Depression":[115],"periods.These":[116],"thus":[120],"support":[121],"hypothesis":[123],"has":[127],"not":[128],"been":[129],"stabilized.":[130]},"counts_by_year":[{"year":2023,"cited_by_count":1},{"year":2022,"cited_by_count":2},{"year":2021,"cited_by_count":1},{"year":2020,"cited_by_count":5},{"year":2019,"cited_by_count":1},{"year":2016,"cited_by_count":1},{"year":2015,"cited_by_count":1},{"year":2014,"cited_by_count":1}],"updated_date":"2026-10-28T10:33:24.094632","created_date":"2016-06-24T00:00:00"}
