Two decades after Alan Greenspan’s famous “irrational exuberance” speech at AEI in 1996, global asset market prices again appear to be frothy. Years of highly unorthodox monetary policy have contributed to record-high global stock market prices, unprecedentedly low and even negative government bond yields, and renewed housing market bubbles.
This seminar will discuss whether the world economy is now experiencing an asset market price bubble and what might be done to prevent such bubbles from forming. It will also consider how policymakers might better respond to the bursting of bubbles to avoid a repeat of the boom-bust cycles of recent years.
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