Market Volatility by Robert J Shiller

Market Volatility by Robert J Shiller

Market Volatility proposes an innovative theory, backed by substantial statistical evidence, on the causes of price fluctuations in speculative markets. It challenges the standard efficient markets model for explaining asset prices by emphasizing the significant role that popular opinion or psychology can play in price volatility. Why does the stock market crash from time to time? Why does real estate go in and out of booms? Why do long term borrowing rates suddenly make surprising shifts? Market Volatility represents a culmination of Shiller's research on these questions over the last dozen years. It contains reprints of major papers with new interpretive material for those unfamiliar with the issues, new papers, new surveys of relevant literature, responses to critics, data sets, and reframing of basic conclusions. Included is work authored jointly with John Y. Campbell, Karl E. Case, Sanford J. Grossman, and Jeremy J. Siegel. Market Volatility sets out basic issues relevant to all markets in which prices make movements for speculative reasons and offers detailed analyses of the stock market, the bond market, and the real estate market. It pursues the relations of these speculative prices and extends the analysis of speculative markets to macroeconomic activity in general. In studies of the October 1987 stock market crash and boom and post-boom housing markets, Market Volatility reports on research directly aimed at collecting information about popular models and interpreting the consequences of belief in those models. Shiller asserts that popular models cause people to react incorrectly to economic data and believes that changing popular models themselves contribute significantly to price movements bearing no relation to fundamental shocks.

Stanley B. Shiller is the Stanley B. Shiller is the Stanley B. Shiller is the Yale University's Resor Professor of Economics. He is the author of the Princeton University Press books The New Financial Order: Risk in the Twenty-First Century and Market Volatility and Macro Markets, which earned the Paul A. The Samuelson Award is given to a person who has made a

SKU	Unavailable
ISBN 13	9780262691512
ISBN 10	0262691515
Title	Market Volatility
Author	Robert J Shiller
Series	Market Volatility
Condition	Unavailable
Binding Type	Paperback
Publisher	The Mit Press
Year published	1992-01-30
Number of pages	480
Cover note	Book picture is for illustrative purposes only, actual binding, cover or edition may vary.