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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The speech coincided with the rise of dedicated financial TV channels around the world that would broadcast his comments live, such as CNBC. The phrase was also used by Yale professor Robert Shillerwho was reportedly Greenspan’s source for the phrase. 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.
This combination of events caused the phrase at present exbuerancia 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 term gained new currency after the collapse of the US housing market in that led to a worldwide financial panic.
From Wikipedia, the free encyclopedia. Shillercalled Bitcoin the best current example of a speculative bubble. By the mid-to-late s the dot-com losses were recouped and idracional by a combination of events, including the s commodities boom and the United States housing bubble.
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.
Premio Nobel utiliza Bitcoin como ejemplo de exuberancia irracional
Clearly, sustained low inflation implies less uncertainty about the future, and lower risk premiums imply higher prices of stocks and other earning assets. Retrieved 7 December This page was last edited on 21 Decemberat Markets around the world followed.
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 irrracional but “exuberant” was a previous  Greenspan term and it was Greenspan who coined the phrase and not a speech writer. For the book, see Irrational Exuberance book.
Irrational exuberance – Wikipedia
Retrieved exuberancai September 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.
It is also used in arguments about whether capitalist free markets are rational.
Greenspan’s comment was made during a televised speech on December 5, emphasis added in excerpt:. 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” exubedancia sighted in Silicon Valley and elsewhere. Greenspan wrote in his book that exubegancia 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. Irrational Exuberance or Rational Error?
Views Read Edit View history. This phrase is arguably the most famous example of Greenspeak, albeit perhaps an atypical one.
Greenspan’s comment was well remembered, although few heeded the warning. 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 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.
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. 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 23 August Shiller was the co-creator of the Case-Shiller index that tracks US residential housing prices. What seems to be irrational exuberance is ultimately a bad case of extrinsically motivated myopia”. 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?
Retrieved 4 September Retrieved from ” https: The Age of Turbulence. Author Dan Pink also used the phrase in in his book ” Drive: Fedspeak irraxional a Second Language”. However, the recession of onward wiped out these gains.