Concept information
Preferred term
irrational exuberance
Definition(s)
- The phrase irrational exuberance refers to the systematically excessive valuation of financial assets by investors, which is a function of wishful thinking and reflected in unjustifiably high market price levels. Alan Greenspan, then Federal Reserve Board Chairman, coined the phrase in a speech to the American Enterprise Institute in December 1996 in the context of the “new economy” boom of the late 1990s. [Source: Encyclopedia of Governance; Irrational Exuberance]
Broader concept(s)
Belongs to group
URI
http://data.loterre.fr/ark:/67375/N9J-J3Z808N8-3
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