Is the Stock Market Overvalued?
Will it Fall in
The Fed's Chairman (Greenspan) December 5, 1996 speech
that warned about irrational exuberance and speculative bubbles in asset
markets and led to the stock market shakeout of December 6, 1996.
The course homepage on the Asian
Economic Crisis has readings relevant for the prospects of the US stock
market in 1998.
paper by Yale Economist Robert Shiller explaining why the stock market
A different Wall Street view (file
in PDF format) on the stock market and Greenspan's speech by Dr. Yardeni,
chief economist at Deutsche, Morgan Grenfell.
Author: Nouriel Roubini, Stern School
of Business, New York University, 1998.