Exuberancia Irracional. Front Cover. Robert J. Shiller Robert J. Shiller is the Stanley B. Resor Professor of Economics at Yale University. Also the author of the. “Irrational exuberance” is the phrase used by the then-Federal Reserve Board chairman, Alan Shiller used it as the title of his book, Irrational Exuberance, in Shiller is associated with the CAPE ratio and the Case-Shiller Home Price . Irrational Exuberance is a March book written by American economist Robert J. Shiller, a Yale University professor and Nobel Prize winner. The book.

Author: Malahn Faulmaran
Country: South Africa
Language: English (Spanish)
Genre: Relationship
Published (Last): 4 May 2018
Pages: 300
PDF File Size: 10.93 Mb
ePub File Size: 2.53 Mb
ISBN: 831-3-75839-679-7
Downloads: 18648
Price: Free* [*Free Regsitration Required]
Uploader: Mezicage

Shillercalled Bitcoin the best current example of a speculative bubble. By using this site, you agree to the Terms of Use and Privacy Policy.

From Irrational Exuberance2d ed. Retrieved from ” https: Greenspan wrote in his book that the phrase exubberancia to him in the bathtub while he was writing a speech.

Irrational Exuberance or Rational Error? Price-Earnings ratios as a predictor of twenty-year returns. Views Read Edit View history.

Views Read Edit View history. Greenspan’s idea was to obfuscate the Fed Chairman’s true opinion in long complex sentences with obscure words so as to intentionally mute any strong market response.

Irrational exuberance

For the book, see Irrational Exuberance book. The Surprising Truth About What Motivates Us ” in the chapter discussing how extrinsic motivation can encourage short-term thinking at the cost of long-term health: This article is about Robert Shiller’s book.


This phrase is arguably the most famous example of Greenspeak, albeit perhaps an atypical one. The third edition of Irrational Exuberance was published in and included new material on bonds. Author Dan Pink also used the phrase in in his book ” Drive: The stock market collapse of happened the exact month of the book’s publication. McCormick Distinguished Service Professor of Finance at The University of Chicago and co-recipient with Shiller of the Nobel Prize in Economicshas written that Shiller “has been consistently pessimistic about prices,” [2] so given a long enough horizon, Shiller is bound to be able to claim that he has foreseen any given crisis.

But how do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions as they have in Japan over the past decade?

By the mid-to-late s the dot-com losses were recouped and eclipsed by a combination of events, including the s commodities boom and the United States housing bubble.

Irrational exuberance – Wikipedia

The Age of Exuverancia. The phrase was also used by Yale professor Robert Shillerwho was reportedly Greenspan’s source for the phrase. Eugene Famathe Robert R. Shillera Yale University professor and Nobel Prize winner.

Shiller wrote that the real estate bubble might soon burst, and he supported his claim by showing that median home prices were six to nine times greater than median income in some areas of the country.


Irrational Exuberance (book) – Wikipedia

However, the recession of onward wiped out these gains. This combination of events caused the phrase at present to be most often associated with the s dot-com bubble and the s US housing bubble although it can be linked to any financial asset bubble or social frenzy phenomena, such as the tulip mania of 17th century Holland.

For other uses, see Irrational exuberance disambiguation. There are some economists who challenge the predictive power of Shiller’s publication. Shiller also warns that global house prices are in bubble territory and that US Stock prices are high. Clearly, sustained low inflation implies less uncertainty about the future, and lower risk premiums imply higher prices of stocks and other earning assets. Retrieved 4 September By using this site, you agree to the Terms of Use and Privacy Policy.

Housing prices peaked in and the housing bubble burst in andan event partially responsible for the Worldwide recession of The phrase was interpreted as a warning that the market might be overvalued. Retrieved 5 September It is also used in arguments about whether capitalist free markets are rational.