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Telling Stories: Interrogating “Irrational Exuberance”

In: Money Talks

Author

Listed:
  • Geoffrey D. Klinger

    (DePauw University)

  • Jennifer Adams

    (DePauw University)

  • Kevin Howley

    (DePauw University)

Abstract

Reflecting on the monetary power of the Fed in the years leading up to the Recession of 1990, Alan Greenspan admitted that actual monetary intervention of the Central Bank in the economy had little, if any, practical effect. While attentive to the power of his words earlier in his tenure, Greenspan came to believe that he could move markets, engineer soft landings, burst bubbles, and foment recoveries simply through his rhetorical power. This chapter examines Greenspan’s self-deluded belief in the power of his rhetoric evident in his use of the phrase “irrational exuberance” as an attempt to stem the speculative bubble in the marketplace.

Suggested Citation

  • Geoffrey D. Klinger & Jennifer Adams & Kevin Howley, 2022. "Telling Stories: Interrogating “Irrational Exuberance”," Springer Books, in: Money Talks, chapter 0, pages 177-192, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-00816-0_11
    DOI: 10.1007/978-3-031-00816-0_11
    as

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