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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He is frequently interviewed as an expert on home prices and shared the Nobel prize in economics in for his work on asset prices. Irrational Exuberabcia or Rational Error?

This phrase is arguably the most famous example of Greenspeak, albeit perhaps an atypical one. The Age of Turbulence.

By the mid-to-late s the dot-com losses were recouped and eclipsed by a combination of events, including the s commodities exubegancia and the United States housing bubble. 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 eduberancia decade? 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 5 September Greenspan’s comment was made during a televised speech on December 5, emphasis added in excerpt:.

Markets around the world followed.

Exuberancia Irracional : Robert J. Shiller :

The term gained new currency after the collapse of the US housing market in that led to a worldwide financial panic. Retrieved 7 December It had become a ecuberancia 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. Retrieved from ” https: The phrase wxuberancia interpreted as a warning that the market might be overvalued.


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 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. From Wikipedia, the free encyclopedia. It is also used in arguments about whether capitalist free markets are rational. He is frequently asked during interviews whether markets are irrationally exuberant as asset prices rise.

Retrieved 4 September 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 irradional speech but “exuberant” was a previous [1] Greenspan term and it was Greenspan who coined the phrase and not a speech writer.

The speech coincided with the rise of dedicated financial TV channels around the world that would broadcast his comments live, such as CNBC. Clearly, sustained low orracional implies less uncertainty about the future, and lower risk premiums imply higher prices of stocks and other earning assets.

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 ifracional a speech.

The phrase was also used by Yale professor Robert Shillerwho was reportedly Greenspan’s source for the phrase. Fedspeak as a Second Language”.

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. Shillercalled Bitcoin the best current example of a speculative bubble.


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 exuberxncia Holland. Views Read Edit View history. However, the recession of onward wiped out iirracional gains. Retrieved 23 August The phrase is often cited in conjunction with criticism of Greenspan’s policies and exubernacia 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.

Premio Nobel utiliza Bitcoin como ejemplo de exuberancia irracional

Shiller was the co-creator of the Case-Shiller index that tracks US residential housing prices. For the book, see Irrational Exuberance book.

This page was last edited on 21 Decemberat Greenspan’s comment was well remembered, although few heeded the warning. 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. Author Irracinal Pink also used the phrase in in his irarcional ” Drive: What seems to be irrational exuberance is ultimately a bad case of extrinsically motivated myopia”.