Exuberancia Irracional by Robert J. Shiller, , available at Book Depository with free delivery worldwide. Robert J. Shiller is the Stanley B. Resor Professor of Economics at Yale University. Also the author of the award-winning “Macro Markets” as well as ” Market. “Irrational exuberance” is the phrase used by the then-Federal Reserve Board chairman, Alan Greenspan, in a speech given at the American Enterprise Institute .
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Exuberancia Irracional – Robert J. Shiller – Google Books
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 itracional in Silicon Valley and elsewhere.
Fedspeak as a Second Language”. Markets around the world followed. Clearly, sustained low inflation implies less exuberqncia about the future, and lower risk premiums imply higher prices of stocks and other earning assets.
He is frequently asked during interviews whether markets are irrationally exuberant as asset prices rise. Retrieved from ” https: This page was last edited on 21 Decemberat The second market slump brought the exubberancia back into the public eye, where it was much used in hindsightto characterize the excesses of the bygone era. The phrase was interpreted as a warning that wxuberancia market might be overvalued. Retrieved 4 September 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?
Premio Nobel utiliza Bitcoin como ejemplo de exuberancia irracional
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 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: 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  Greenspan term and it was Greenspan who coined the phrase and not a speech writer.
Retrieved 5 September This phrase is arguably the most famous example of Greenspeak, albeit perhaps an atypical one.
Irrational exuberance – Wikipedia
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. 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 speech coincided with the rise of dedicated financial TV channels around the world that would broadcast his comments live, such as CNBC. 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. Greenspan’s speech and Urracional book are often irracoonal as harbingers of future frenzy whether or not they specifically predicted the bubbles and subsequent crashes that followed.
The term gained new currency after the collapse of the US housing market in that led to a worldwide financial panic. Views Read Edit View history.
Retrieved 7 December Greenspan’s irracionwl 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. What seems to be irrational exuberance is ultimately a bad case of extrinsically motivated myopia”.
Greenspan’s comment was well remembered, although few heeded the warning. Author Dan Pink also used the phrase in in his book ” Drive: The Age of Turbulence.
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.
Irrational Exuberance or Rational Error? The phrase was also used by Yale professor Robert Shillerwho was reportedly Greenspan’s source for the phrase.
The phrase is often cited in conjunction with criticism of Greenspan’s policies and debate whether he did enough exubwrancia contain the two major bubbles of those two decades.