Robert J. Samuelson, The Washington Post Alan Greenspan faces long odds...

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Book Editorial:7

Irrational Exuberance: Second Edition
Robert J. Shiller

Irrational Exuberance: Second Edition - image

Rating: 4.0/5 Stars
Rank: 185

Robert J. Samuelson, The Washington Post
Alan Greenspan faces long odds in trying to nudge the stock market to where he'd like it to go. The chairman of the Federal Reserve has argued that the buoyant market--by making Americans feel so much wealthier--has triggered a consumer spending spree that threatens inflationary wage pressures.

The idea is to dampen spending and the ravenous appetite for stocks. Anyone who thinks this will be easy should read "Irrational Exuberance," a new book by Yale University economist Robert J. Shiller. Beyond arguing that the present market is a "speculative bubble," Shiller contends that investor psychology is so given to herd behavior that it's almost impossible to manipulate or even influence. The market can "go through significant mispricing lasting years or even decades. --This text refers to the Hardcover edition.

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Editorials

Irrational Exuberance: Second Edition
Robert J. Shiller

Editorial 6 - 8 of 8


6.	Paul Krugman, The New York Times
	"Given the title of Mr. Shiller's book, you can guess the punch line. He makes a powerful case that the soaring stock market of recent years is a huge, accidental Ponzi scheme in progress, one that will come to a very... read full editorial

Current Editorial
7.	Robert J. Samuelson, The Washington Post
	Alan Greenspan faces long odds in trying to nudge the stock market to where he'd like it to go. The chairman of the Federal Reserve has argued that the buoyant market--by making Americans feel so much... read full editorial

8.	David Warsh, Boston Globe
	Thus it is an event of some significance that Shiller has written a crystal-clear and tough-minded critique of the factors that have driven US stock markets to their current levels and called his book... read full editorial

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Customer Reviews

Sample 3 of 47

Irrational Exuberance: Second Edition
Robert J. Shiller


	An analysis all the more chilling for its rigour
	(London United Kingdom) May 5, 2000 - 4.0/5 stars
	Schiller's case rests on a rich mix of quantitative and qualitative research and analysis. (By qualitative, I include his surveys of fund managers with small sample sizes). He challenges a great many points of conventional... read full review

	Looking pretty smart right now...
	(West New York, NJ United States) November 20, 2001 - 3.0/5 stars
	Shiller points out the factors contributing to the biggest bull market in U.S. history, which by now are obvious to nearly everyone. However, if you're in want of technical, quantitative research, you'll be disappointed... read full review

	Good insight to market as whole
	(Berkeley, CA USA) August 5, 2000 - 3.0/5 stars
	The book does provide a lot of evidence to show that the stock market is overvalued compared to historical levels. The other reviews do a good job of highlighting what is in the book. I think the point about how Americans... read full review

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