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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By using this site, you agree to the Terms of Use and Privacy Policy. Greenspan wrote in his book that the phrase occurred to him in the bathtub while he was writing a speech.

He is frequently asked during interviews whether markets are irrationally exuberant as asset prices rise. The stock market collapse of happened the exact month of the book’s publication. Housing prices peaked in and the housing bubble burst in andan event partially responsible for the Worldwide recession of Irravional 4 September The speech coincided with the rise of dedicated financial TV channels around the world that would broadcast his comments live, such as CNBC.

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


Shiller warns of significant downside risk to holding long term bonds. Retrieved from ” https: The term gained new currency after the collapse of the US housing market in that led to a worldwide financial panic. It is also used in arguments about whether capitalist free markets are rational. From Irrational Exuberance2d ed.

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.

Exuberancia Irracional – Robert J. Shiller – Google Books

Author Dan Pink also used the phrase in in his book ” Drive: For the book, see Irrational Exuberance book. Greenspan’s comment was well remembered, although few heeded the warning. Clearly, sustained low inflation implies less uncertainty about the future, and lower risk premiums imply higher prices of stocks and other earning assets.

Shillera Yale University professor and Nobel Prize winner. From Wikipedia, the free encyclopedia. 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.

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. 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.

There are some economists who challenge the predictive power of Shiller’s publication. Greenspan’s comment was made during a televised speech on December 5, emphasis added in excerpt:.

Irrational exuberance

There was some speculation for many years whether Greenspan borrowed the phrase from Shiller without attribution, although Shiller later wrote that he contributed “irrational” iirracional 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.


Views Read Edit View history. For other uses, see Irrational exuberance disambiguation. Retrieved from ” https: The phrase was interpreted as a warning that the market might be overvalued.

Irrational Exuberance or Rational Error?

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. 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.

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: Retrieved 5 September The Age of Turbulence. Shiller also warns that irraciomal house prices are in bubble territory and that US Stock prices are high. This article is about Robert Shiller’s book. Shiller was the co-creator of the Case-Shiller index that tracks US residential housing prices.

The third edition of Irrational Exuberance was published in and included new material on bonds. 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.