1992 Articles

Capital Markets and Economic Fluctuations in Capitalist Economies

Stiglitz, Joseph E.

Marshall Lecture delivered to the European Economic Association Meetings, Cambridge, U.K., 1991. Financial support from the National Science Foundation and the Hoover Institution is gratefully acknowledged. This paper reports on joint work with Bruce Greenwald. I am also indebted to my other co-authors with whom I have been engaged in research on the issues discussed in this paper, in particular, to Andrew Weiss; and to K. Hoff, Marco Da Rin and Andrés Rodríguez for helpful comments on a previous draft.