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 phrase was also used irraciinal Yale professor Robert Shillerwho was reportedly Greenspan’s source for the phrase. Retrieved 23 August From Wikipedia, the free encyclopedia. The Age of Turbulence. What seems to be irrational exuberance is ultimately a bad case of extrinsically motivated myopia”.

It had become a catchphrase of the exubfrancia 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. 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: The phrase is often cited in conjunction with criticism of Greenspan’s policies and debate whether he did enough to contain the irdacional major bubbles of those two decades.

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Clearly, sustained low inflation implies less uncertainty about the future, and lower risk premiums imply higher prices of stocks and other earning assets. Greenspan’s comment was made during a televised speech on December 5, emphasis added in excerpt:.

Retrieved 5 September The phrase was interpreted as a warning that the market might be overvalued. Shiller exberancia, called Bitcoin the best current example of a speculative bubble.


Premio Nobel utiliza Bitcoin como ejemplo de exuberancia irracional

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. 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. Retrieved from ” https: Shiller was the co-creator of the Case-Shiller index that tracks US residential housing prices.

He is frequently interviewed as an expert irraciona home prices and shared the Nobel prize in economics in for his work on asset irraiconal. 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? Retrieved 7 December This page was last edited on 21 Decemberat Retrieved 4 September This phrase is arguably the most famous example of Greenspeak, albeit perhaps an atypical one.

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? Fedspeak as a Second Language”.

Irrational exuberance – Wikipedia

Greenspan’s idea was to obfuscate the Irracionql Chairman’s true opinion in long complex sentences with obscure words so as to intentionally mute any strong market response.

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.


Greenspan’s comment was well remembered, although few heeded the warning. For the book, see Irrational Exuberance book. He is exuberancja asked during interviews whether markets are irrationally exuberant as asset prices rise.

Author Dan Pink also used the phrase in in his book ” Drive: The speech coincided with the rise of dedicated financial TV channels around eduberancia world that irraxional broadcast his comments live, such as CNBC. 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 housing bubble.

Exuberancia Irracional : Robert J. Shiller :

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. However, the recession of onward wiped out these gains. Markets around the world followed. 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.

Irrational exuberance

The term gained new currency after the collapse of the US housing market in that led to a worldwide financial panic. By using this site, you agree to the Terms of Use and Privacy Policy.

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.