Dr. Roger W. Spencer is Professor of Economics at Trinity University in San Antonio, Texas; he previously served as the Dean of Business and Administrative Studies. He earned his Ph.D. from the University of Virginia. Dr. Spencer was a Senior Research Economist at the Federal Reserve Bank of St. Louis and served as Senior Research Coordinator at the Securities at Exchange Commission. He has published numerous articles, primarily about macroeconomics and monetary policy, and co-edited the first three editions of Lives of the Laureates (MIT Press).
2006 0-7734-5784-4 Description:
This book presents discussion and analysis of the Federal Reserve’s involvement with the equity markets, with emphasis on the three major bull markets of the past century. Three chapters link equity market activity during the 1920s, 1960s and 1990s with the monetary policies of Benjamin Strong, William McChesney Martin Jr., and Alan Greenspan, respectively. The extensive use of original sources provides a description of policy dilemmas in the words of the Fed leaders themselves. A fourth chapter provides an empirical assessment of the Fed’s response to equity market developments over the three periods. In composite, the work, employing qualitative and quantitative methodology, delivers description and assessment of one of the most intriguing issues of contemporary monetary policy: the linkages that tie Federal Reserve actions to stock market activity.