Business Economics

, Volume 54, Issue 2, pp 108–113 | Cite as

The third post-world war II wealth bubble

  • Eugene SteuerleEmail author
Original Article


The United States has now experienced three major wealth bubbles since 1945. The first two peaked in 1999 and 2006, followed by crash and recession. By 2018, peaks were higher than ever, implying new risks that either this third bubble will pop, or returns on investments will fall, or some combination. This article provides data to support the wealth-bubble assertions, suggests that all three bubbles share characteristics and causes unique to a modern period since about 1990 and extending across asset markets, and faults arguments about market timing based on starting points with lower wealth valuations.


Wealth Bubble Recession Investment 


Supplementary material

11369_2019_120_MOESM1_ESM.xlsx (153 kb)
Supplementary material 1 (XLSX 152 kb)


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Copyright information

© National Association for Business Economics 2019

Authors and Affiliations

  1. 1.The Urban InstituteWashingtonUSA

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