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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This phrase is arguably the most famous example of Greenspeak, albeit perhaps an atypical one. Shiller also warns that global house prices are in bubble territory and that US Stock prices are high.
What seems to be irrational exuberance is ultimately a bad case of extrinsically motivated myopia”. 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: Fedspeak as a Second Language”.
Robert J Shiller
Greenspan’s comment was made during a televised speech on December 5, emphasis added in excerpt:. Retrieved 4 September The Age of Turbulence.
For the book, see Irrational Exuberance book. This page was last edited on 21 Decemberat Greenspan wrote in his book that the phrase occurred to him in the bathtub while he was writing a speech. Eugene Famathe Robert R. 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.
Irrational Exuberance (book) – Wikipedia
Author Dan Pink also used the phrase in in his book ” Drive: Retrieved 4 March The term gained new currency after the collapse of the US housing market in that led to shillre worldwide financial panic.
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This article is about Robert Shiller’s book. The stock market collapse of happened the exact month of the book’s publication. 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.
The phrase was interpreted as a warning that the market might be overvalued.
There was idracional 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  Greenspan term and it was Greenspan who coined the phrase and not a speech writer.
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. Views Read Edit View history.
Retrieved from ” https: Retrieved from ” https: 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. Shillercalled Bitcoin the best current example of a speculative bubble.
Greenspan’s comment was well remembered, although few heeded the warning. There are some economists who challenge the predictive power of Shiller’s publication.
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The third edition of Irrational Exuberance was published in and included new material on bonds. Markets around the world followed. Irrational Exuberance or Rational Error? Shiller was the co-creator shiiller the Case-Shiller index that tracks US residential housing prices. From Wikipedia, the free encyclopedia. Retrieved 5 September Retrieved 23 August It had become a catchphrase of the boom to such an extent that, during the economic recession that followed the stock market collapse of irarcional, bumper stickers reading “I want to be irrationally exuberant again” were sighted in Silicon Valley and elsewhere.