메뉴 건너뛰기




Volumn 42, Issue 3, 2004, Pages 783-804

Rational exuberance

Author keywords

[No Author keywords available]

Indexed keywords


EID: 8744220281     PISSN: 00220515     EISSN: None     Source Type: Journal    
DOI: 10.1257/0022051042177711     Document Type: Article
Times cited : (70)

References (63)
  • 1
    • 0003192710 scopus 로고
    • Assessing dynamic efficiency: Theory and evidence
    • Abel, Andrew B.; N. Gregory Mankiw; Lawrence H. Summers and Richard. J. Zeckhauser. 1989. "Assessing Dynamic Efficiency: Theory and Evidence," Rev. Econ. Stud. 56:1, pp. 1-19.
    • (1989) Rev. Econ. Stud. , vol.56 , Issue.1 , pp. 1-19
    • Abel, A.B.1    Mankiw, N.G.2    Summers, L.H.3    Zeckhauser, R.J.4
  • 2
    • 0037276441 scopus 로고    scopus 로고
    • Bubbles and crashes
    • Abreu, Dilip and Markus K. Brunnermeier. 2003. "Bubbles and Crashes," Econometrica 71:1, pp. 173-204.
    • (2003) Econometrica , vol.71 , Issue.1 , pp. 173-204
    • Abreu, D.1    Brunnermeier, M.K.2
  • 3
    • 84993918887 scopus 로고
    • Stock price volatility, ordinary dividends, and other cash flow to shareholders
    • Ackert, Lucy and Brian Smith. 1993. "Stock Price Volatility, Ordinary Dividends, and Other Cash Flow to Shareholders," J. Finance 48:4, pp. 1147-60.
    • (1993) J. Finance , vol.48 , Issue.4 , pp. 1147-1160
    • Ackert, L.1    Smith, B.2
  • 4
    • 21344480348 scopus 로고
    • Baby boom, population aging and capital markets
    • Bakshi, G.S. and Z. Chen. 1994. "Baby Boom, Population Aging and Capital Markets," J. Bus. 67:2, pp. 165-202.
    • (1994) J. Bus. , vol.67 , Issue.2 , pp. 165-202
    • Bakshi, G.S.1    Chen, Z.2
  • 6
    • 84896515917 scopus 로고
    • Noise
    • Black, Fischer. 1986. "Noise," J. Finance 41:3, pp. 529-43.
    • (1986) J. Finance , vol.41 , Issue.3 , pp. 529-543
    • Black, F.1
  • 8
    • 0001866008 scopus 로고
    • Bubbles, rational expectations, and financial markets
    • Paul Wachtel, ed. NY: Lexington Books
    • Blanchard, Olivier and Mark Watson. 1982. "Bubbles, Rational Expectations, and Financial Markets," in Crises in the Economic and Financial Structure. Paul Wachtel, ed. NY: Lexington Books.
    • (1982) Crises in the Economic and Financial Structure
    • Blanchard, O.1    Watson, M.2
  • 10
    • 84993912261 scopus 로고
    • Bubbles and fads in asset prices: A review of theory and evidence
    • Camerer, Colin. 1989. "Bubbles and Fads in Asset Prices: A Review of Theory and Evidence," J. Econ. Surveys 3:1, pp. 3-41.
    • (1989) J. Econ. Surveys , vol.3 , Issue.1 , pp. 3-41
    • Camerer, C.1
  • 13
    • 0002678030 scopus 로고
    • The survival of noise traders in financial markets
    • -. 1991. "The Survival of Noise Traders in Financial Markets," J. Bus. 64:1, pp. 1-19.
    • (1991) J. Bus. , vol.64 , Issue.1 , pp. 1-19
  • 14
    • 0000480869 scopus 로고
    • Efficient capital markets: A review of theory and empirical work
    • Fama, Eugene F. 1970. "Efficient Capital Markets: A Review of Theory and Empirical Work," Finance 25:1, pp. 283-417.
    • (1970) Finance , vol.25 , Issue.1 , pp. 283-417
    • Fama, E.F.1
  • 15
    • 0002613863 scopus 로고
    • The methodology of positive economics
    • Milton Friedman. Chicago: U. Chicago Press
    • Friedman, Milton. 1953. "The Methodology of Positive Economics," in Essays in Positive Economics. Milton Friedman. Chicago: U. Chicago Press.
    • (1953) Essays in Positive Economics
    • Friedman, M.1
  • 16
    • 0000110377 scopus 로고    scopus 로고
    • How are stock prices affected by the location of trade?
    • Froot, Kenneth A. and Emil Dabora. 1999. "How Are Stock Prices Affected by the Location of Trade?" J. Finan. Econ. 53:2, pp. 182-216.
    • (1999) J. Finan. Econ. , vol.53 , Issue.2 , pp. 182-216
    • Froot, K.A.1    Dabora, E.2
  • 20
    • 0000256911 scopus 로고
    • Bubbles and charges
    • Gilles, Christian and Stephen F. LeRoy. 1992. "Bubbles and Charges," Int. Econ. Rev. 33:2, pp. 323-39.
    • (1992) Int. Econ. Rev. , vol.33 , Issue.2 , pp. 323-339
    • Gilles, C.1    LeRoy, S.F.2
  • 21
    • 0031286887 scopus 로고    scopus 로고
    • Rational bubbles as payoffs at infinity
    • -. 1997. "Rational Bubbles as Payoffs at Infinity," Econ. Theory 9:2, pp. 261-81.
    • (1997) Econ. Theory , vol.9 , Issue.2 , pp. 261-281
  • 22
    • 8744318142 scopus 로고
    • Variability of price-earnings ratios
    • Gordon, Myron J. 1962. "Variability of Price-Earnings Ratios," Amer. Econ. Rev. 52:1, pp. 203-209.
    • (1962) Amer. Econ. Rev. , vol.52 , Issue.1 , pp. 203-209
    • Gordon, M.J.1
  • 23
    • 0039613915 scopus 로고    scopus 로고
    • The information-technology revolution and the stock market
    • Greenwood, Jeremy and Boyan Jovanovic. 1999. "The Information-Technology Revolution and the Stock Market," Amer. Econ. Rev. Papers Proceedings 89:2, pp. 116-22.
    • (1999) Amer. Econ. Rev. Papers Proceedings , vol.89 , Issue.2 , pp. 116-122
    • Greenwood, J.1    Jovanovic, B.2
  • 25
    • 0039027658 scopus 로고    scopus 로고
    • E-capital: The link between the labor market and the stock market in the 1990s
    • Hall, Robert E. 2000. "E-capital: The Link Between the Labor Market and the Stock Market in the 1990s," Brookings Pap. Econ. Act. 2000:2, pp. 73-118.
    • (2000) Brookings Pap. Econ. Act. , vol.2000 , Issue.2 , pp. 73-118
    • Hall, R.E.1
  • 26
    • 0001586150 scopus 로고    scopus 로고
    • The stock market and capital accumulation
    • -. 2001. "The Stock Market and Capital Accumulation," Amer. Econ. Rev. 91:5, pp. 1185-202.
    • (2001) Amer. Econ. Rev. , vol.91 , Issue.5 , pp. 1185-1202
  • 27
    • 0010599917 scopus 로고    scopus 로고
    • Struggling to understand the stock market
    • -. 2001a. "Struggling to Understand the Stock Market," Amer. Econ. Rev. Papers Proceedings 91:2, pp. 1-11.
    • (2001) Amer. Econ. Rev. Papers Proceedings , vol.91 , Issue.2 , pp. 1-11
  • 29
    • 0001203113 scopus 로고
    • Tax policy and investment behavior
    • Hall, Robert E. and Dale Jorgenson. 1967. "Tax Policy and Investment Behavior," Amer. Econ. Rev. 57:2, pp. 291-414.
    • (1967) Amer. Econ. Rev. , vol.57 , Issue.2 , pp. 291-414
    • Hall, R.E.1    Jorgenson, D.2
  • 30
    • 0001520309 scopus 로고    scopus 로고
    • The information-technology revolution and the stock market: Evidence
    • Hobijn, Bart and Boyan Jovanovic. 2001. "The Information-Technology Revolution and the Stock Market: Evidence," Amer. Econ. Rev. 91:5, pp. 1203-30.
    • (2001) Amer. Econ. Rev. , vol.91 , Issue.5 , pp. 1203-1230
    • Hobijn, B.1    Jovanovic, B.2
  • 33
    • 0000859303 scopus 로고
    • Continuous auctions and insider trading
    • Kyle, Albert S. 1985. "Continuous Auctions and Insider Trading," Econometrics 53:6, pp. 1315-35.
    • (1985) Econometrics , vol.53 , Issue.6 , pp. 1315-1335
    • Kyle, A.S.1
  • 34
    • 0347060528 scopus 로고    scopus 로고
    • Technical change and the stock market
    • Laitner, John and Dmitriy Stolyarov. 2003. "Technical Change and the Stock Market," Amer. Econ. Rev. 93:4, pp. 1240-67.
    • (2003) Amer. Econ. Rev. , vol.93 , Issue.4 , pp. 1240-1267
    • Laitner, J.1    Stolyarov, D.2
  • 35
    • 0000443739 scopus 로고
    • Risk aversion and the martingale model of stock prices
    • LeRoy, Stephen F. 1973. "Risk Aversion and the Martingale Model of Stock Prices," Int. Econ. Rev. 14:2, pp. 436-46.
    • (1973) Int. Econ. Rev. , vol.14 , Issue.2 , pp. 436-446
    • LeRoy, S.F.1
  • 36
    • 8744273065 scopus 로고
    • Efficient capital markets: Comment
    • -. 1976. "Efficient Capital Markets: Comment," J. Finance 31:1, pp. 139-41.
    • (1976) J. Finance , vol.31 , Issue.1 , pp. 139-141
  • 37
    • 8744316614 scopus 로고    scopus 로고
    • Review of Garber's famous first bubbles
    • -. 2002. "Review of Garber's Famous First Bubbles," J. Econ. Lit. 40:3, pp. 959-60.
    • (2002) J. Econ. Lit. , vol.40 , Issue.3 , pp. 959-960
  • 38
    • 0010755107 scopus 로고
    • Stock price volatility: Tests based on the geometric random walk
    • LeRoy, Stephen F. and William R. Parke. 1992. "Stock Price Volatility: Tests Based on the Geometric Random Walk," Amer. Econ. Rev. 82:4, pp. 981-92.
    • (1992) Amer. Econ. Rev. , vol.82 , Issue.4 , pp. 981-992
    • LeRoy, S.F.1    Parke, W.R.2
  • 39
    • 58149405892 scopus 로고
    • Karl Brunner and Alan H. Meltzer, eds. NY: North Holland
    • Lucas, Robert E. 1976. "Econometric Policy Evaluation: A Critique," in Carnegie-Rochester Conf. Ser. Public Pol. Karl Brunner and Alan H. Meltzer, eds. NY: North Holland.
    • (1976) Carnegie-Rochester Conf. Ser. Public Pol.
    • Lucas, R.E.1
  • 40
    • 0000150312 scopus 로고
    • Asset prices in an exchange economy
    • -. 1978. "Asset Prices in an Exchange Economy," Econometrica 46:6, pp. 1429-45.
    • (1978) Econometrica , vol.46 , Issue.6 , pp. 1429-1445
  • 42
    • 3042771207 scopus 로고    scopus 로고
    • The efficient market hypothesis and its critics
    • Malkiel, Burton. 2003. "The Efficient Market Hypothesis and Its Critics," J. Econ. Perspect. 17:1, pp. 59-82.
    • (2003) J. Econ. Perspect. , vol.17 , Issue.1 , pp. 59-82
    • Malkiel, B.1
  • 44
    • 2942750298 scopus 로고    scopus 로고
    • Average debt and equity returns: Puzzling?
    • -. 2003. "Average Debt and Equity Returns: Puzzling?" Amer. Econ. Rev. 93:2, pp. 392-97.
    • (2003) Amer. Econ. Rev. , vol.93 , Issue.2 , pp. 392-397
  • 45
    • 46549099071 scopus 로고
    • The equity premium: A puzzle
    • Mehra Rajnish and Edward C. Prescott. 1985. "The Equity Premium: A Puzzle," J. Monet. Econ. 15:2, pp. 145-61.
    • (1985) J. Monet. Econ. , vol.15 , Issue.2 , pp. 145-161
    • Rajnish, M.1    Prescott, E.C.2
  • 46
    • 0001699517 scopus 로고
    • Dividend policy, growth, and the valuation of shares
    • Miller, Merton H. and Franco Modigliani. 1961. "Dividend Policy, Growth, and the Valuation of Shares," J. Bus. 34:4, pp. 411-33.
    • (1961) J. Bus. , vol.34 , Issue.4 , pp. 411-433
    • Miller, M.H.1    Modigliani, F.2
  • 47
    • 84926272721 scopus 로고
    • Speculative hyperinflations in maximizing models: Can we rule them out?
    • Obstfeld, Maurice and Kenneth Rogoff. 1983. "Speculative Hyperinflations in Maximizing Models: Can We Rule Them Out?" J. Polit. Econ. 91:4, pp. 675-87.
    • (1983) J. Polit. Econ. , vol.91 , Issue.4 , pp. 675-687
    • Obstfeld, M.1    Rogoff, K.2
  • 48
    • 0001647433 scopus 로고    scopus 로고
    • Excess volatility and closed-end funds
    • Pontiff, Jeffrey. 1997. "Excess Volatility and Closed-End Funds," Amer. Econ. Rev. 87:1, pp. 155-69.
    • (1997) Amer. Econ. Rev. , vol.87 , Issue.1 , pp. 155-169
    • Pontiff, J.1
  • 50
    • 8744277695 scopus 로고
    • Higgledy piggledy growth
    • Reddaway, W.B. 1967. "Higgledy Piggledy Growth," Econ. J. 77:307, pp. 595-98.
    • (1967) Econ. J. , vol.77 , Issue.307 , pp. 595-598
    • Reddaway, W.B.1
  • 52
    • 0002190490 scopus 로고    scopus 로고
    • Rational asset pricing bubbles
    • Santos, Manuel and Michael Woodford. 1997. "Rational Asset Pricing Bubbles," Econometrica 65:1, pp. 19-57.
    • (1997) Econometrica , vol.65 , Issue.1 , pp. 19-57
    • Santos, M.1    Woodford, M.2
  • 54
    • 0001064022 scopus 로고
    • Sunspot equilibrium
    • J. Eatwell, M. Milgate and P. Newman, eds. NY: McMillan
    • Shell, Karl. 1987. "Sunspot Equilibrium," in The New Palgrave: A Dictionary of Economics. J. Eatwell, M. Milgate and P. Newman, eds. NY: McMillan.
    • (1987) The New Palgrave: A Dictionary of Economics
    • Shell, K.1
  • 55
    • 0003183754 scopus 로고
    • The allocation of investment in a dynamic economy
    • Shell, Karl and Joseph E. Stiglitz. 1967. "The Allocation of Investment in a Dynamic Economy," Quart. J. Econ. 81, pp. 592-609.
    • (1967) Quart. J. Econ. , vol.81 , pp. 592-609
    • Shell, K.1    Stiglitz, J.E.2
  • 56
    • 0000893807 scopus 로고
    • Do stock prices move too much to be justified by subsequent changes in dividends?
    • Shiller, Robert J. 1981. "Do Stock Prices Move Too Much to Be Justified by Subsequent Changes in Dividends?" Amer Econ. Rev. 71:3, pp. 421-36.
    • (1981) Amer Econ. Rev. , vol.71 , Issue.3 , pp. 421-436
    • Shiller, R.J.1
  • 57
    • 0004179594 scopus 로고    scopus 로고
    • Princeton: Princeton U. Press
    • -. 2000. Irrational Exuberance. Princeton: Princeton U. Press.
    • (2000) Irrational Exuberance
  • 58
    • 1942495094 scopus 로고    scopus 로고
    • From efficient market theory to behavioral finance
    • -. 2003. "From Efficient Market Theory to Behavioral Finance," J. Econ. Perspect. 17:1, pp. 83-104.
    • (2003) J. Econ. Perspect. , vol.17 , Issue.1 , pp. 83-104
  • 60
    • 0002082873 scopus 로고
    • De gustibus non est disputandum
    • Stigler, George J. and Gary S. Becker. 1977. "De Gustibus Non Est Disputandum," Amer. Econ. Rev. 67:2, pp. 76-90.
    • (1977) Amer. Econ. Rev. , vol.67 , Issue.2 , pp. 76-90
    • Stigler, G.J.1    Becker, G.S.2
  • 61
    • 0002318789 scopus 로고
    • Symposium on bubbles
    • Stiglitz, Joseph E. 1990. "Symposium on Bubbles," J. Econ. Perspect. 4:2, pp. 13-18.
    • (1990) J. Econ. Perspect. , vol.4 , Issue.2 , pp. 13-18
    • Stiglitz, J.E.1
  • 62
    • 0001575872 scopus 로고
    • Asset bubbles and overlapping generations
    • Tirole, Jean. 1985. "Asset Bubbles and Overlapping Generations," Econometrica 53:6, pp. 1499-528.
    • (1985) Econometrica , vol.53 , Issue.6 , pp. 1499-1528
    • Tirole, J.1
  • 63
    • 0002074367 scopus 로고
    • The overlapping generations model of fiat money
    • John Kareken and Neil Wallace, eds. Fed. Reserve Bank Minneapolis
    • Wallace, Neil. 1980. "The Overlapping Generations Model of Fiat Money," in Models of Monetary Economies. John Kareken and Neil Wallace, eds. Fed. Reserve Bank Minneapolis.
    • (1980) Models of Monetary Economies
    • Wallace, N.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.