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 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.

The second market slump brought the phrase back into the public eye, where it was much used in irracionallto characterize the excesses of the bygone era.

The second edition of Irrational Exuberance was published in and was updated to cover the housing bubble. This phrase is arguably the most famous example of Greenspeak, albeit perhaps an atypical one.

Shiller was the co-creator of the Case-Shiller index that tracks US residential housing prices. The phrase was interpreted as a warning that the market might be overvalued. Retrieved 7 December By using this site, you agree to the Terms of Use and Privacy Policy.

Irrational exuberance

Retrieved 23 August From Wikipedia, the free encyclopedia. Housing prices peaked in and the housing bubble irtacional in andan event partially responsible for the Worldwide recession of This page was last edited on 21 Decemberat 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?


Shillera Yale University professor and Nobel Prize winner. 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: Shiller wrote that the real estate bubble might soon burst, and he supported his claim by showing that median home prices were six to nine times greater than median income in some areas of the country.

The stock market collapse of happened the exact month of the book’s publication. This article is about Robert Shiller’s book.

Greenspan wrote in his book that the phrase occurred to him in the bathtub while he irraconal writing a speech. The phrase was also used by Yale professor Robert Shillershilelr was reportedly Greenspan’s source for the phrase.

However, the recession of onward wiped out these gains. 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.

Exuberancia Irracional – Robert J. Shiller – Google Books

This page was last edited on 30 Augustat Retrieved 5 September The Age of Turbulence. From Wikipedia, the free encyclopedia. Eugene Famathe Robert R. 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.


Shiller warns of significant downside risk to holding long term bonds.

Retrieved from ” https: The third edition of Irrational Exuberance was published in and included new material on bonds.

It is also used in arguments about whether capitalist free markets are rational. The term gained new currency after the collapse of the US housing market in that led to a worldwide financial panic.

Robert J Shiller

The speech coincided with the rise of dedicated financial TV channels around the world that would broadcast his comments live, such as CNBC. Published at the height of the dot-com boomthe text put forth several arguments demonstrating how the stock markets were overvalued at the time. 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.