Expert Policy Analysis and Bureaucratic Politics: Searching for the Causes of the 1987 Stock Market Crash

Shortly after the 1987 stock market crash four government agencies published studies analyzing the causes of the crash. Their analyses and explanations were at odds with each other. This article explores how weak theory, the methodological variations, and problem definition fed the political orientations of the agencies and shaped the agencies' analyses. Basically it shows how sophisticated policy analysis can serve political and bureaucratic ends.