Irrational Exuberance

Irrational Exuberance

Book - 2016 | Revised and expanded third edition.
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In this revised, updated, and expanded edition of his New York Times bestseller, Nobel Prize-winning economist Robert Shiller, who warned of both the tech and housing bubbles, cautions that signs of irrational exuberance among investors have only increased since the 2008-9 financial crisis. With high stock and bond prices and the rising cost of housing, the post-subprime boom may well turn out to be another illustration of Shiller's influential argument that psychologically driven volatility is an inherent characteristic of all asset markets. In other words, Irrational Exuberance is as relevant as ever. Previous editions covered the stock and housing markets--and famously predicted their crashes. This edition expands its coverage to include the bond market, so that the book now addresses all of the major investment markets. It also includes updated data throughout, as well as Shiller's 2013 Nobel Prize lecture, which places the book in broader context. In addition to diagnosing the causes of asset bubbles, Irrational Exuberance recommends urgent policy changes to lessen their likelihood and severity--and suggests ways that individuals can decrease their risk before the next bubble bursts. No one whose future depends on a retirement account, a house, or other investments can afford not to read this book.

Publisher: Princeton, NJ : Princeton University Press, 2016.
Edition: Revised and expanded third edition.
Copyright Date: ©2015
ISBN: 9780691173122
Branch Call Number: 332.632220973 Shi 2015
Characteristics: xxxiii, 358 pages : illustrations ; 21 cm

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StarGladiator
Mar 29, 2015

One thing I didn't know but learned from reading Michael Hirsh's book, Capital Offense, was that Prof. Shiller was fired from his advisory role to the NY Federal Reserve Bank - - after 14 years - - by the new chair, TImothy Geithner, after he raised the possibility of falling housing rates! [Prof. Shiller was prophesying the meltdown.] And replaced with Catherine Mann, a real shill of the first order from academia and the Peterson Institute. Excellent book, and although not a Shiller fan, I believe he is entirely, albeit on the conservative side, correct! I do differ with Prof. Shiller's opinion on the market, given the existence of rigging by way of internalization process [top hedge funds and banks buy up the public trades, and perform them on their own systems, hence insider knowledge at the big data level].

s
StarGladiator
Mar 01, 2015

One thing I didn't know but learned from reading Michael Hirsh's book, Capital Offense, was that Prof. Shiller was fired from his advisory role to the NY Federal Reserve Bank - - after 14 years - - by the new chair, TImothy Geithner, after he raised the possibility of falling housing rates! And replaced with Catherine Mann, a real shill of the first order, the so-called economist who promotes jobs offshoring based upon the ASSUMPTION, that for each job offshored, two jobs are magically created in America! Excellent book, and although not a Shiller fan, I believe he is entirely, albeit on the conservative side, correct! [As was Iris Mack, who questioned Harvard's derivatives position, fired by Larry Summers and company.]

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fpm
Jul 03, 2014

I'd heard that this book was a classic. It deserves that status, showing with clear statistics and descriptions how the stock market depends mostly on the herd following one another. It's a far cry from depending on rational capitalists as many suppose - and unnerving in its implications to public policy.

l
Lukeinvancouver
Sep 27, 2012

This is a must read for anybody interested in the dynamics and inherent instability of financial markets. It is not easy to read and requires a basic knowledge of economics and statistics to full appreciate the book. The first edition was published just before the meltdown of markets in March 2000. Professor Shiller was also one of the few people who foresaw the collapse of the US housing market and the negative consequences around the world that followed from it. Robert J. Shiller together with his colleague Karl Case are the authors of the widely quoted Case-Shiller housing index

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21288004246712
Oct 20, 2008

great timing

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