by Robert J. Shiller · Deusto · tapa blanda · ISBN 9788423422654
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In this revised, updated and expanded edition of his New York Times bestseller, Nobel Prize-winning economist Robert Shiller alerts us to the signs of irrational exuberance among investors, which have only increased since the 2008-2009 financial crisis. With stock and bond prices soaring in the United States and rising house prices in many countries, the post-subprime boom may well become another demonstration of Shiller's argument about volatility driven by the psychological swings inherent in all active markets.
This book analyzes the forces that move all markets up and down, showing how investor euphoria can drive asset prices to dizzying and unsustainable heights, and how, at other times, investor discouragement can drive prices down to very low levels. In addition to diagnosing the causes of asset bubbles, Irrational Exuberance recommends urgent changes in economic and financial policies to reduce the likelihood of their recurrence or, at least, their severity, and advises investors on steps to reduce their risk before the next bubble bursts.
Robert James Shiller is an American economist, academic, and author. As of 2022, he served 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 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.
