Reflections on Greenspan’s “Irrational Exuberance” Speech after 25 Years: Cato

On December 5, 1996, Alan Greenspan, then chairman of the Federal Reserve, gave one of his most memorable speeches, “The Challenge of Central Banking in a Democratic Society.” In that speech, given while accepting the Francis Boyer Award from the American Enterprise Institute (AEI), he coined the term “irrational exuberance.” Greenspan asked, “How do we know when…

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