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.

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The irony of the phrase and its aftermath lies in Greenspan’s widely held reputation as the most artful practitioner of Fedspeakoften known as Greenspeakin the modern televised era. He is frequently interviewed as an expert on home prices and shared the Nobel prize in economics in for his sniller on asset prices.

Irrational Exuberance (book) – Wikipedia

Shillera Yale Shillfr professor and Nobel Prize winner. It had become a catchphrase of the boom to such an extent that, during the economic recession that followed the stock market collapse ofbumper stickers reading “I want to be irrationally exuberant again” were sighted in Silicon Valley and elsewhere. Retrieved 23 August Retrieved 7 December Retrieved 4 September The Age of Turbulence.

From Irrational Exuberance2d ed. It is also used in arguments about whether capitalist free markets are rational.


The further irony was that if it was indeed his intended purpose to “talk markets down” he was later ignored as stock valuations shkller years later dwarfed the levels at the time of the speech. For other uses, see Exugerancia exuberance disambiguation. This page was last edited on 30 Augustat By using this site, you agree to the Terms of Use and Exubersncia Policy. The speech coincided with irarcional rise of dedicated financial TV channels around the world that would broadcast his comments live, such as CNBC.

Retrieved 4 March Greenspan’s comment was well remembered, although few heeded the warning. 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.

The term gained new currency after the collapse of the US housing market in that led to a worldwide financial panic. There are some economists who challenge the predictive power of Shiller’s publication. Retrieved from ” https: Shillercalled Bitcoin the best current example of a speculative bubble.

Price-Earnings ratios as a predictor of twenty-year returns. What seems to be irrational exuberance is ultimately a bad case of shikler motivated myopia”. Shiller warns of significant downside risk to holding long term bonds. The second market slump brought the phrase back into the public eye, where it was much used in hindsightto characterize the excesses of the bygone era.


Eugene Famathe Robert R.

Irrational exuberance

Greenspan’s speech and Shiller’s book are often viewed as harbingers of future frenzy whether or not they specifically predicted the bubbles and subsequent crashes that followed. Fedspeak as a Second Language”.

Greenspan’s comment was made during a televised speech on December 5, emphasis added in excerpt:. For the book, see Irrational Exuberance book. The third edition of Irrational Exuberance was published in and included new material on bonds. The second edition of Irrational Exuberance was published in and was updated to cover the housing bubble. 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.

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Robert J Shiller

Irrational Exuberance or Rational Error? 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. This article is about Robert Shiller’s book.