Phân tích tư tưởng của nhân dân qua đoạn thơ: Những người vợ nhớ chồng… Những cuộc đời đã hóa sông núi ta trong Đất nước của Nguyễn Khoa Điềm
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In the fall of 1929, the market value of all shares listed on the New York Stock Exchange fell by
30 percent. Many analysts then and now take the view that stocks were then overvalued and the stock
market was in need of a correction. Irving Fisher argued that the fundamentals were strong and the stock
market was undervalued. In this paper, we estimate the fundamental value of corporate equity in 1929
using data on stocks of productive capital and tax rates as in McGrattan and Prescott (2000, 2001) and
compare it to actual stock valuations. We find that the stock market in 1929 did...
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