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Shiller Paper Cited As One of the Century’s Top Economic Articles

An article written by Robert J. Shiller, the Arthur M. Okun Professor of Economics, was recently named one of the “top 20” articles in the 100-year history of the American Economic Review (AER), the premier journal in the field of economics.

“Do Stock Prices Move Too Much to Be Justified by Subsequent Changes in Dividends?” was published in the June 1981 edition of the AER and became a focal point of debate and research over the question of whether changes in stock market prices are driven by rational expectations — what’s called the efficient markets hypothesis — or by other forces. (more…)

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