ISBN 9780691166261,IRRATIONAL EXUBERANCE E03

IRRATIONAL EXUBERANCE E03

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ISBN 9780691166261
Publisher

University Press of Florida

Publication Year 2015
ISBN-13

ISBN 9780691166261

ISBN-10 0691166269
Binding

Hard Back

Edition 3rd
Number of Pages 376 Pages
Language (English)
Subject

Development economics

Robert J. Shiller, Co-Winner of the 2013 Nobel Prize in Economics Winner of the 2000 Commonfund Prize for the Best Contribution to Endowment Management Research Praise for the previous edition: From review of Princeton's previous edition: "Robert J. Shiller ... has done more than any other economist of his generation to document the less rational aspects of financial markets."--Paul Krugman, New York Times Praise for the previous edition: From review of Princeton's previous edition: "Irrational Exuberance is not just a prophecy of doom... [I]t is a serious attempt to explain how speculative bubbles come about and how they sustain themselves."--John Cassidy, New Yorker Praise for the previous edition: From review of Princeton's previous edition: "Informative and well-argued ... A calm and reasonable antidote to today's euphoria."--Jeff Madrick, New York Review of Books Praise for the previous edition: From review of Princeton's previous edition: "What set off this speculation and what feeds it? Shiller ranges widely his explanations, laying them out in the first 168 pages in easy-to-read, sometimes passionate prose... [T]hose first 168 pages are must reading for anyone with savings invested in stocks."--Louis Uchitelle, New York Times Book Review Praise for the previous edition: From review of Princeton's previous edition: "Mr. Shiller's book offers a dose of realism... [I]t presents a message investors would be wise to head: Make sure your portfolio is adequately diversified. Save more and don't count on double-digit gains of the past decades continuing to bail you out during retirement.
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, now cautions that signs of irrational exuberance among investors have only increased since the 2008-9 financial crisis. With high stock and bond prices in the United States, and rising housing prices in many countries, 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. But Irrational Exuberance is about something far more important than the current situation in any given market because the book explains the forces that move all markets up and down. It shows how investor euphoria can drive asset prices up to dizzying and unsustainable heights, and how, at other times, investor discouragement can push prices down to very low levels. Previous editions covered the stock and housing markets--and famously predicted their crashes. This new edition expands its coverage to include the bond market, so that the book now addresses all of the major investment markets. This edition also includes updated data throughout, as well as Shiller's 2013 Nobel Prize lecture, which puts 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 it. For more information, including new developments and regular data updates, please go to www.irrationalexuberance.com

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