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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By the mid-to-late s the dot-com losses were recouped and eclipsed by a combination of events, including the s commodities boom and the United States exuberanccia bubble. The speech coincided with the rise of dedicated financial TV channels around the world that would broadcast his comments live, such as CNBC.

For the book, see Irrational Exuberance book. Irrational Exuberance or Rational Error?

Irrational exuberance

The term gained new currency after the collapse of the US housing market in that led to a worldwide financial panic. What seems to be irrational exuberance is ultimately a bad exuberancja of extrinsically motivated myopia”.

Retrieved 4 September The phrase was also used by Yale professor Robert Shillerwho was reportedly Greenspan’s source for the phrase. Greenspan irracioanl in his book that the phrase occurred to him in the bathtub while he was writing a 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? This page was last edited on 21 Decemberat The second market slump brought the phrase back into the public eye, where it was much used in hindsight irraciohal, to characterize the excesses of the bygone era.


Shiller was the co-creator of the Case-Shiller index that tracks US residential housing prices. He irraciknal frequently interviewed as an expert on home prices and shared the Nobel prize in economics in for his work on asset prices.

Premio Nobel utiliza Bitcoin como ejemplo de exuberancia irracional

By using this site, you agree to the Terms of Use and Privacy Policy. From Wikipedia, the free encyclopedia. Retrieved 23 August Views Read Edit View history. It is also used in arguments about whether capitalist free markets exuberandia rational.

Retrieved 5 September Fedspeak as a Second Language”. He is frequently asked during interviews whether markets are irrationally exuberant as asset prices rise.

The irony of the phrase and its aftermath lies in Greenspan’s widely held reputation as the most exxuberancia practitioner of Fedspeakoften known as Greenspeakin the modern televised era. Clearly, sustained low inflation implies less uncertainty about the future, and lower risk premiums irracional higher prices of stocks and other earning assets. Shillercalled Bitcoin the best current example of a speculative 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.

Markets around the world followed. This phrase is arguably the most famous example of Greenspeak, albeit perhaps an atypical one. However, the recession of onward wiped out these gains. The phrase is often cited in conjunction with exuberanciz of Greenspan’s policies and debate whether he did enough to contain the two major bubbles of those two decades.

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. 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.


The Age of Turbulence. Retrieved from ” https: Greenspan’s comment was well remembered, although few heeded the warning. 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.

Exuberancia Irracional – Robert J. Shiller – Google Books

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.

Greenspan’s comment was made during a televised speech on December 5, emphasis added in excerpt:. 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: Retrieved 7 December Author Dan Pink also used the phrase in in his book ” Drive: 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 exubeeancia again” were sighted in Silicon Valley and exuberahcia.