19 Nonetheless, the rise in equity prices took a more prominent place during policy discussions at the Fed beginning in 1927, with Board member Adolph Miller pressing fervently for an increase in interest rates to stop the speculative use of credit.
17  For more on the effects of “churning” on productivity see Foster, Lucia, John Haltiwanger, and Chad Syverson (2008), “Reallocation, Firm Turnover, and Efficiency: Selection on Productivity or Profitability?”, American Economic Review, 98(1). 18  World Bank (2013), Doing Business 2014: Understanding Regulations for Small and Medium-Size Enterprises.