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What Does a Record Stock Market Mean?

We asked Yale SOM’s William Goetzmann, an expert on financial markets and the history of finance, what soaring stock prices say about the economy and the future of the markets.

A trader in front of computer terminals at the New York Stock Exchange
  • Forgiving Debts May Boost Employment During Recessions

    In an analysis of the Great Recession, Yale SOM's Paul Goldsmith-Pinkham and his co-authors found that debt relief increased employment by up to 2% nationwide.

    A woman holding up a stack of credit cards
  • How Leverage Turns Market Corrections into Crashes

    Leverage-induced fire sales contributed to the worst stock market crashes in history. Prof. Kelly Shue studied account-level data from the Chinese market crash in 2015 to illuminate how much leverage matters.

    A stock exchange in Huaibei, China, in August 2015.
  • Gig Workers Value their Flexibility... a Lot

    Using extensive data on Uber drivers, Yale SOM’s Judith Chevalier and her co-authors examined their driving patterns to understand the economic value of flexible scheduling. They found that rideshare drivers would have to earn as much as double to accept less-flexible arrangements.

    Illustration of an Uber driver enjoying flexibility
  • Three Questions: Prof. Andrew Metrick on What Makes a Good Pick for the Fed

    President Trump recently announced his intention to appoint two well-known conservative figures—Stephen Moore and Herman Cain—to the Federal Reserve Board of Governors. We asked Prof. Andrew Metrick about the qualities of an effective Fed governor.

    A Federal Reserve Board meeting in Washington, D.C., in October 2018. Photo: Andrew Harrer/Bloomberg via Getty Images.
  • Activist Shareholders May Help Firms in the Long Term

    Do activist shareholders choose quick profits over long-term health? Yale SOM’s Song Ma and his collaborators find evidence that their interventions boost innovation.

    A shareholder meeting
  • Is Cryptocurrency Really a New Idea? 

    Bitcoin meshes digital technology with an approach to money that predates the development of cash and coin, according to Yale SOM’s William Goetzmann.

    A drawing of a wall carving showing ancient people exchanging Bitcoin
  • Study Explores What Investors Are Really Thinking

    Academic theories explaining which factors affect individual investment decisions abound, but few studies have involved asking people about the issue directly.

    Illustration of a thought bubble containing stock market listings
  • Three Questions: Prof. William B. English on Markets and the Fed

    We asked William B. English, a Yale faculty member and former Fed official, about how the Fed should respond to recent ups and downs in the stock market.

    Image illustrating market reaction to a statement by Fed Chair Jerome Powell
  • Will Machine Learning Transform Finance?

    Charles Elkan, Goldman Sachs’ global head of machine learning, on the technology can extract value from the natural resource that is defining this century—data.

    New York Stock Exchange
  • The Housing Boom Is Already Gigantic. How Long Can It Last?

    The best explanation for why prices go up, Yale's Robert Shiller writes, may be that we expect them to—until we don’t.

    A housing development in San Jose, California, one of the fastest-growing housing markets in the United States.