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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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.

It is also used in arguments about whether capitalist free markets are rational. Retrieved 7 December 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 speech coincided with the rise of dedicated financial TV channels around the world that would broadcast his comments live, such as CNBC.

This phrase is arguably the most famous exuberqncia of Greenspeak, albeit perhaps an atypical one. He is frequently interviewed as an expert on home prices and shared the Nobel prize in economics in for his work on asset prices. The second market slump brought the phrase back into exubwrancia public eye, where it was much used in hindsightto characterize the excesses of the bygone era.

What seems to be irrational exuberance is ultimately a bad case of extrinsically motivated myopia”.


Premio Nobel utiliza Bitcoin como ejemplo de exuberancia irracional

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? The term gained new currency after the collapse of the US housing market in that led to a worldwide financial panic. Irrational Exuberance or Rational Error? Markets around the world followed. This page was last edited on 21 Decemberat The phrase is often cited in conjunction with criticism of Greenspan’s policies and debate whether he did enough to contain the two major bubbles of those two decades.

By using this site, you agree to the Terms of Use and Privacy Policy. Clearly, sustained low inflation implies less uncertainty about the future, and lower risk premiums imply higher prices of stocks and other earning assets. The further irony was irraccional 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.

Fedspeak as a Irracinoal Language”. Greenspan wrote in his book that the phrase occurred to him in the bathtub while he was writing a speech.

Author Dan Pink also used the phrase in in his book ” Drive: 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 phrase was interpreted as a warning that the market might be overvalued. For the book, see Irrational Exuberance book. Retrieved from ” https: The Age of Turbulence. Retrieved 4 September Retrieved 5 September 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 – Google Books

Views Read Edit View history. Shillercalled Bitcoin the best current example of a speculative bubble. However, the recession of onward wiped out these gains. 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.

There was some speculation for many years whether Greenspan borrowed the phrase from Shiller without attribution, although Shiller later wrote exuberanciia 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.

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: 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.

Greenspan’s comment was well remembered, although few heeded the warning. Greenspan’s comment was made during a televised speech on December 5, emphasis added in excerpt:. Shiller was the co-creator of the Case-Shiller index ieracional tracks US residential housing prices.

He is frequently asked during interviews whether markets irracinal irrationally exuberant as asset prices rise. The phrase was also used by Yale professor Robert Shillerwho was reportedly Greenspan’s source for the phrase. Retrieved 23 August From Wikipedia, the free encyclopedia.