From Wikipedia, the free encyclopedia. Jump to navigation Jump to search. For the book, see Irrational Exuberance (book). "Irrational exuberance" is a phrase used by the then-Federal Reserve Board chairman, Alan. Listen to "Irrational Exuberance" by Robert J. Shiller available from Rakuten Kobo. Narrated by Robert J. Shiller. Start a free day trial today and get your first. The phrase irrational exuberance was coined by Alan Greenspan, chairman of the Federal Reserve, in a December 5, , speech to the American Enterprise.


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Richard Thaler and I have organized a number of scholarly workshops in behavioral finance that are the source of many themes in the book. In my presidential address for the Eastern Economic Association I compared historic turning points in real estate with the markets taken at their peak.

I regularly teach a course at Free irrational exuberance University entitled Economics Free irrational exuberance is at regular intervals offered an online free version of my Financial Markets course available on Coursera.

John Dolan publishes a blog homepricefutures.

Irrational exuberance - Wikipedia

Corelogic has a housing markets Insights Blog. Shiller was the co-creator of the Case-Shiller index that tracks US residential housing prices. He is frequently interviewed as free irrational exuberance expert on home prices and shared the Nobel prize in economics in for his work on asset prices.

Greenspan's speech and Shiller's book are often viewed as harbingers of future frenzy whether or not they specifically predicted the bubbles and free irrational exuberance crashes that followed.

Irrational Exuberance - Free

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 free irrational exuberance linked to any financial asset bubble or social frenzy phenomena, such as the tulip mania of 17th century Holland.

Free irrational exuberance is also used in arguments about whether capitalist free markets are rational.

Shillercalled Bitcoin the best current example of a speculative bubble. The Surprising Truth About What Motivates Us " in the free irrational exuberance discussing how extrinsic motivation can encourage short-term thinking at the cost of long-term health: What seems to be irrational exuberance is ultimately a bad case of extrinsically motivated myopia".

Irrational Exuberance

A total return CAPE corrects for this bias through reinvesting dividends into the price index and appropriately scaling the earnings per share. Many of these price indices, including twenty cities, low- medium- and high- tier home price indices, condominium indices, and a Free irrational exuberance.

Eleven of these indices are traded at the Chicago Mercantile Exchange. Information on these futures markets can be found at http: Historical housing market data used in my book, Irrational Exuberance [Princeton University PressFree irrational exuberance Books2nd edition, ], showing home prices since are available for download and updated monthly: US Home Prices Present.


An annual series is also available here, long term stock, bond, interest free irrational exuberance and consumption data since that I in collaboration with several colleagues collected to examine long term historical trends in the US market.