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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Greenspan wrote in his book that the phrase occurred to him in the bathtub while he was writing a speech. Views Read Edit View history.

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. McCormick Distinguished Service Professor of Finance at The University of Chicago and co-recipient with Shiller of the Nobel Prize in Economicsshillwr 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.

Author Dan Pink also used the phrase in in his book ” Drive: The phrase was also used by Yale professor Robert Shillerwho was reportedly Greenspan’s source for the phrase. However, the recession of sihller wiped out these gains.

The speech coincided with the rise of exunerancia financial TV channels around the world that would broadcast his comments live, such as CNBC. From Wikipedia, the free encyclopedia. Fedspeak as a Second Language”.

Irrational Exuberance (book) – Wikipedia

Shillera Yale University professor and Nobel Prize winner. 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 exuberamcia It had become a catchphrase exubeeancia 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.


The second edition of Irrational Exuberance was published in and was updated to cover the housing bubble. 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.

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: Irrational Exuberance or Rational Error?

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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This page was last edited on 30 Augustat The Age of Turbulence. This phrase is arguably the most famous example of Greenspeak, albeit perhaps an atypical one.

Retrieved 5 September Eugene Famathe Robert R. This article is about Robert Shiller’s book. From Wikipedia, the free encyclopedia. The phrase was interpreted as a warning that the market might be overvalued. The further irony exugerancia 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.

By using this site, you agree to the Terms of Use and Privacy Policy. He is frequently interviewed as an expert on home prices and shared the Nobel prize in economics in shuller his work on asset prices.


Retrieved 23 August Retrieved from ” https: Shiller was the co-creator of the Case-Shiller index that tracks US residential housing prices.

Robert J Shiller

Greenspan’s comment was well remembered, although few heeded the warning. Shiller also warns that global house prices are in bubble territory and that US Stock prices are high. It is also used in arguments about whether capitalist free markets are rational.

Clearly, sustained low inflation implies less uncertainty about the future, and lower risk premiums imply higher prices of stocks and other earning assets. For other uses, see Irrational exuberance disambiguation. 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

There are some economists who challenge the predictive power of Shiller’s publication. From Irrational Exuberance2d ed.

By using this site, you agree to the Terms of Use and Privacy Policy. 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. The book examines economic bubbles in the s and early s, and is named after Federal Reserve Chairman Alan Greenspan ‘s famed ” irrational exuberance ” quote warning of such a possible bubble in What seems to be irrational exuberance is ultimately a bad case of extrinsically motivated myopia”.