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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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. This article is about Robert Shiller’s book.

Greenspan’s comment was made during a televised speech on December 5, emphasis added in excerpt:. Shiller warns of significant downside risk to holding long term bonds.

Irrational exuberance – Wikipedia

He is frequently interviewed as an expert on home prices and shared the Nobel prize in economics in for his work on asset prices. From Wikipedia, the free encyclopedia. Views Read Edit View history.

It had become a catchphrase of the boom exhberancia 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. The second edition of Irrational Exuberance was published in and was updated to cover the housing bubble.


By using this site, you agree to the Terms of Use and Privacy Policy. Shiller also warns that global house prices are in bubble territory and that US Stock prices are high. Greenspan’s comment was shilleg remembered, although few heeded the warning. What seems to be irrational exuberance is ultimately a bad case of extrinsically motivated myopia”.

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. Irrational Exuberance or Rational Error?

Exuberancia Irracional – Robert J. Shiller – Google Books

The further irony was that if it was indeed his intended purpose to “talk markets down” he was later ignored as stock valuations three years later dwarfed the levels at the time of the speech. Markets around the world followed.

Retrieved 4 March The third edition of Irrational Exuberance was published in and included new material on bonds. Retrieved 7 December Exuberanci Age of Turbulence.

Robert J Shiller

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: Eugene Famathe Robert R. This page was last edited on 30 Augustat However, the recession of onward wiped out these gains. The phrase was also used irrzcional Yale professor Robert Shillerwho was reportedly Greenspan’s source for the phrase.

This page was last edited on 21 Decemberat From Irrational Exuberance2d ed. There was some speculation for many years whether Greenspan borrowed the phrase from Shiller without attribution, although Shiller later wrote that he contributed “irrational” at a lunch with Greenspan before the speech but “exuberant” was a previous [1] Greenspan term and it was Greenspan who coined the phrase and not a speech writer.


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? The term gained new currency after the collapse of the US housing market in that led to a worldwide financial panic.

Retrieved 4 September 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. Greenspan wrote in his book that the phrase occurred to him in the bathtub while he was writing a speech. It is also used in arguments about whether capitalist free markets are rational. The phrase is often cited in conjunction with criticism of Greenspan’s policies and debate whether he did enough to contain the two major bubbles of those two decades.

Shillera Yale University professor and Nobel Prize winner.