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 phrase was also used by Yale professor Robert Shillerwho was reportedly Greenspan’s source for the phrase.

Irrational exuberance

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 Shillera Yale University professor and Nobel Prize winner.

Retrieved 7 December From Wikipedia, the free encyclopedia. There are some economists who challenge the predictive power of Shiller’s publication. Shillercalled Bitcoin the best current example of a speculative bubble.

Retrieved from ” https: This phrase is arguably the most famous example of Greenspeak, albeit perhaps an atypical one. Author Dan Pink also used the phrase in in his book ” Drive: Irrational Exuberance or Rational Error?

The stock market collapse of happened the exact month of the book’s publication. Fedspeak as a Second Language”.

Retrieved 4 September Price-Earnings ratios as a predictor of twenty-year returns. The phrase was interpreted as a warning that the market might be overvalued. Greenspan wrote in his book that the phrase occurred to him in the bathtub while he was writing a speech.


Exuberancia Irracional – Robert J. Shiller – Google Books

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.

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. 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?

Shiller was the co-creator of the Case-Shiller index that tracks US residential housing prices. 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 exuberacia, such as the tulip mania of 17th century Holland.

Robert J Shiller

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. Irraccional the book, see Irrational Exuberance book.

The second edition of Irrational Exuberance was published in and was updated to cover the housing bubble. It is also used in arguments about whether capitalist free markets are rational. 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 third edition of Irrational Exuberance was published in and included new material on bonds. This article is about Robert Shiller’s book. 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. Retrieved shillfr August Greenspan’s comment was well remembered, although few heeded the warning.

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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. Views Read Edit View history. 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.

Views Read Edit View history. What seems to be irrational exuberance shipler ultimately a bad case of extrinsically motivated myopia”. Retrieved exubrancia September The second market slump brought the ireacional back into the public eye, where it was much used in hindsightto characterize the excesses of the bygone era. For other uses, see Irrational exuberance disambiguation.

Retrieved 4 March

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