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Greenspan's Irrational Exuberance,1996-12-05。股市三年以后(2001年三月)才到顶,从1996年12月到2001年3月,股市翻了三番。 (股市)

by super(学霸) ⌂, 2015-03-29 11:55 @ tuesday
edited by 学霸, 2015-03-29 12:43

published on wuwei.ca at 2015-03-29 11:55, topic link: http://wuwei.ca/index.php?id=22301

Clearly, sustained low inflation implies less uncertainty about the future, and lower risk premiums imply higher prices of stocks and other earning assets. We can see that in the inverse relationship exhibited by price/earnings ratios and the rate of inflation in the past. But how do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions as they have in Japan over the past decade?

— "The Challenge of Central Banking in a Democratic Society", 1996-12-05

The Tokyo market was open during the speech and immediately moved down sharply after this comment, closing off 3%. Markets around the world followed.

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