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The recent ascent in stock prices: how exuberant are you?

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  • John B. Carlson

Abstract

Soaring stock prices continue to pit those who claim that investors are paying too much against those who believe stocks are worth even more. Prices of stocks are determined by people's perceptions of worth, which are themselves based on expectations for the future Although we cannot be sure whether the market is over- or undervalued, we can clarify the factors that determine stock prices and discover the assumptions underlying our expectations. Assessing the consistency of these assumptions may help keep our exuberance in check.
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Suggested Citation

  • John B. Carlson, 1999. "The recent ascent in stock prices: how exuberant are you?," The Region, Federal Reserve Bank of Minneapolis, vol. 13(Dec), pages 8-11,47.
    • Handle: RePEc:fip:fedmrr:y:1999:i:dec:p:8-1147:n:v.13,no.4
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    File URL: http://minneapolisfed.org/publications_papers/pub_display.cfm?id=3542
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    Cited by:

    1. Nathan S. Balke & Mark E. Wohar, 2001. "Explaining stock price movements: is there a case for fundamentals?," Economic and Financial Policy Review, Federal Reserve Bank of Dallas, issue Q III, pages 22-34.
    2. Binswanger, Mathias, 2004. "How important are fundamentals?--Evidence from a structural VAR model for the stock markets in the US, Japan and Europe," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 14(2), pages 185-201, April.
    3. Binswanger, Mathias, 2004. "Stock returns and real activity in the G-7 countries: did the relationship change during the 1980s?," The Quarterly Review of Economics and Finance, Elsevier, vol. 44(2), pages 237-252, May.

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    Keywords

    Federal Reserve System; Stock - Prices;

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