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Irrational Exuberance (book)
''Irrational Exuberance'' is a March 2000 book written by Nobel Prize-winning Yale University professor Robert Shiller, named after Alan Greenspan's "irrational exuberance" quote.
==Overview==
Published at the height of the dot-com boom, the text put forth several arguments demonstrating how the stock markets were overvalued at the time. The stock market collapse of 2000 happened the exact month of the book's publication.
The second edition of ''Irrational Exuberance'' published in 2005 is updated to cover the housing bubble, especially in the United States. Shiller writes that the real estate bubble may soon burst, and he supports his claim by showing that median home prices are now six to nine times greater than median income in some areas of the country. He also shows that home prices, when adjusted for inflation, have produced very modest returns of less than 1% per year. Housing prices peaked in 2006 and the housing bubble burst in 2007 and 2008, an event partially responsible for the Worldwide recession of 2008-2009.
There are some economists who challenge the predictive power of Shiller's publication. Eugene Fama, the Robert R. McCormick Distinguished Service Professor of Finance at The University of Chicago and co-recipient with Shiller of the 2013 Nobel Prize in Economics, has written that Shiller "has been consistently pessimistic about prices,"〔(NOVA Mind-Over-Money Special )〕 so given a long enough horizon, Shiller is bound to be able to claim that he has foreseen any given crisis.
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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