Bordo, Michael D.; Dueker, Michael J.; Wheelock, David C. - Federal Reserve Bank of St. Louis - 2007
* Department of Economics, Rutgers University and NBER. Bordo@fas-econ.rutgers.edu
** Research Division, Federal Reserve Bank … periods,
we find that typically stock market booms were associated with the business cycle, arising
when real output growth … to rise somewhat before the start of the business expansion, as reflected in The
Economist index of business activity …