Noise Trading, Bubbles And Excess Stock Market Volatility …
Noah Smith has a very nice post this morning:Noah Smith: Risk premia or behavioral craziness?:John Cochrane is quite critical of Robert Shiller…. He… thinks that Shiller is trying to make finance less quantitative and more literary (I somehow doubt this, given that Shiller is first and foremost an econometrician, and not that literary of a guy).But the most interesting criticism […]