Irrational exuberance- Robert Shiller pdf is a broad study, drawing on a wide range of published research and historical evidence, of the enormous recent stock market boom.
Author: Robert Shiller
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This book is a broad study, drawing on a wide range of published research and historical evidence, of the enormous recent stock market boom. Although it takes as its specific starting point the current situation, it places that situation in the context of stock market booms generally, and it also makes concrete suggestions regarding policy changes that should be initiated in response to this and other booms.
The need for such a book is particularly urgent today, in view of the widespread and quite fundamental disagreement about the stock market. When people disagree at such a basic level, it is usually because they possess only pieces of the overall picture. Yet meaningful consensus can only be achieved by laying out all the available facts. I have therefore tried in this book to present a much broader range of information than is usually considered in writings
on the market, and I have tried to synthesize this information into a detailed picture of the market today.
Contents- Irrational exuberance- Robert Shiller pdf
One: The Stock Market Level in Historical Perspective 3
Part One: Structural Factors
Two: Precipitating Factors: The Internet, the Baby Boom, and Other Events 17
Three: Amplification Mechanisms: Naturally Occurring Ponzi Processes 44
Part Two Cultural Factors
Four: The News Media 71
Five: New Era Economic Thinking 96
Six: New Eras and Bubbles around the World 118
Part Three: Psychological Factors
Seven: Psychological Anchors for the Market 135
Eight: Herd Behavior and Epidemics 148
Part Four: Attempts to Rationalize Exuberance
Nine: Efficient Markets, Random Walks, and Bubbles 171
Ten: Investor Learning—and Unlearning 191
Part Five: A Call to Action
Eleven: Speculative Volatility in a Free Society 203
About the author
Robert Shiller (born March 29, 1946) is an American economist (Nobel Laureate in 2013), academic, and best-selling author. As of 2019, he serves as a Sterling Professor of Economics at Yale University and is a fellow at the Yale School of Management’s International Center for Finance. Shiller has been a research associate of the National Bureau of Economic Research (NBER) since 1980, was vice president of the American Economic Association in 2005, its president-elect for 2016, and president of the Eastern Economic Association for 2006–2007. He is also the co‑founder and chief economist of the investment management firm MacroMarkets LLC.
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