Telling Stories: Interrogating “Irrational Exuberance”

Geoffrey D. Klinger, Jennifer Adams () and Kevin Howley ()
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Geoffrey D. Klinger: DePauw University
Jennifer Adams: DePauw University
Kevin Howley: DePauw University

Chapter Chapter 11 in Money Talks, 2022, pp 177-192 from Springer

Abstract: 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.

Keywords: Alan Greenspan; Federal Reserve Chair; Irrational exuberance; John Kenneth Galbraith; Rationality; Rhetorical power (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-00816-0_11

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DOI: 10.1007/978-3-031-00816-0_11

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