{"id":"https://openalex.org/W2098076894","doi":"https://doi.org/10.1353/eca.2008.0020","title":"Low Interest Rates and High Asset Prices: An Interpretation in Terms of Changing Popular Economic Models","display_name":"Low Interest Rates and High Asset Prices: An Interpretation in Terms of Changing Popular Economic Models","publication_year":2007,"publication_date":"2007-01-01","ids":{"openalex":"https://openalex.org/W2098076894","doi":"https://doi.org/10.1353/eca.2008.0020","mag":"2098076894"},"language":"en","primary_location":{"id":"doi:10.1353/eca.2008.0020","doi":"https://doi.org/10.1353/eca.2008.0020","is_oa":false,"landing_page_url":"https://doi.org/10.1353/eca.2008.0020","pdf_url":null,"source":{"id":"https://openalex.org/S4210173904","display_name":"Brookings Papers on Economic Activity","issn_l":"0007-2303","issn":["0007-2303","1533-4465"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-class-a","anvur-scientific","cwts-core","jufo-1","norway-1","poland-200","russia-white-list-1","vabb-shw"],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Brookings Papers on Economic Activity","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://doi.org/10.3386/w13558","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5051645674","display_name":"Robert J. Shiller","orcid":"https://orcid.org/0009-0006-2316-6486","observed_orcids":["https://orcid.org/0009-0006-2316-6486"]},"institutions":[{"id":"https://openalex.org/I1321305853","display_name":"National Bureau of Economic Research","ror":"https://ror.org/04grmx538","country_code":"US","type":"nonprofit","lineage":["https://openalex.org/I1321305853"]},{"id":"https://openalex.org/I32971472","display_name":"Yale University","ror":"https://ror.org/03v76x132","country_code":"US","type":"education","lineage":["https://openalex.org/I32971472"]}],"countries":["US"],"is_corresponding":true,"raw_author_name":"Robert J Shiller","raw_affiliation_strings":["National Bureau of Economic Research (NBER)","Yale University - International Center for Finance","Yale University - Cowles Foundation"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"National Bureau of Economic Research (NBER)","institution_ids":["https://openalex.org/I1321305853"]},{"raw_affiliation_string":"Yale University - International Center for Finance","institution_ids":["https://openalex.org/I32971472"]},{"raw_affiliation_string":"Yale University - Cowles Foundation","institution_ids":["https://openalex.org/I32971472"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":2,"corresponding_author_ids":["https://openalex.org/A5051645674"],"corresponding_institution_ids":["https://openalex.org/I1321305853","https://openalex.org/I32971472"],"apc_list":null,"apc_paid":null,"fwci":4.5329,"has_fulltext":true,"cited_by_count":32,"citation_normalized_percentile":{"value":0.9545358,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":98},"biblio":{"volume":"2007","issue":"2","first_page":"111","last_page":"132"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.9545999765396118,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.9545999765396118,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12137","display_name":"Economic theories and models","score":0.024800000712275505,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.01679999940097332,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/low-interest-rates","display_name":"low interest rates","score":0.8820000290870667},{"id":"https://openalex.org/keywords/asset-prices","display_name":"asset prices","score":0.8790000081062317},{"id":"https://openalex.org/keywords/long-term-interest-rates","display_name":"long-term interest rates","score":0.9350000023841858},{"id":"https://openalex.org/keywords/real-interest-rates","display_name":"real interest rates","score":0.8100000023841858},{"id":"https://openalex.org/keywords/money-illusion","display_name":"money illusion","score":0.9710000157356262},{"id":"https://openalex.org/keywords/asset-valuation","display_name":"asset valuation","score":0.6290000081062317},{"id":"https://openalex.org/keywords/economic-models","display_name":"economic models","score":0.7940000295639038},{"id":"https://openalex.org/keywords/monetary-policy","display_name":"monetary policy","score":0.6010000109672546}],"concepts":[{"id":"https://openalex.org/C175025494","wikidata":"https://www.wikidata.org/wiki/Q179179","display_name":"Interest rate","level":2,"score":0.7563021779060364},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.6828300952911377},{"id":"https://openalex.org/C76178495","wikidata":"https://www.wikidata.org/wiki/Q4808784","display_name":"Asset (computer security)","level":2,"score":0.6464789509773254},{"id":"https://openalex.org/C61797465","wikidata":"https://www.wikidata.org/wiki/Q1188986","display_name":"Term (time)","level":2,"score":0.5369322896003723},{"id":"https://openalex.org/C154815372","wikidata":"https://www.wikidata.org/wiki/Q1140421","display_name":"Real interest rate","level":3,"score":0.5247514247894287},{"id":"https://openalex.org/C184047640","wikidata":"https://www.wikidata.org/wiki/Q182593","display_name":"Illusion","level":2,"score":0.49612149596214294},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.4829082489013672},{"id":"https://openalex.org/C26760741","wikidata":"https://www.wikidata.org/wiki/Q160402","display_name":"Perception","level":2,"score":0.4742010235786438},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.4715685248374939},{"id":"https://openalex.org/C163428354","wikidata":"https://www.wikidata.org/wiki/Q1047513","display_name":"Cash flow","level":2,"score":0.44129958748817444},{"id":"https://openalex.org/C84888623","wikidata":"https://www.wikidata.org/wiki/Q1205832","display_name":"Nominal interest rate","level":4,"score":0.43923425674438477},{"id":"https://openalex.org/C2778083465","wikidata":"https://www.wikidata.org/wiki/Q693464","display_name":"Cash","level":2,"score":0.43184858560562134},{"id":"https://openalex.org/C139719470","wikidata":"https://www.wikidata.org/wiki/Q39680","display_name":"Macroeconomics","level":1,"score":0.25493425130844116},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.19457846879959106},{"id":"https://openalex.org/C169760540","wikidata":"https://www.wikidata.org/wiki/Q207011","display_name":"Neuroscience","level":1,"score":0.0},{"id":"https://openalex.org/C62520636","wikidata":"https://www.wikidata.org/wiki/Q944","display_name":"Quantum mechanics","level":1,"score":0.0},{"id":"https://openalex.org/C121332964","wikidata":"https://www.wikidata.org/wiki/Q413","display_name":"Physics","level":0,"score":0.0},{"id":"https://openalex.org/C38652104","wikidata":"https://www.wikidata.org/wiki/Q3510521","display_name":"Computer security","level":1,"score":0.0},{"id":"https://openalex.org/C86803240","wikidata":"https://www.wikidata.org/wiki/Q420","display_name":"Biology","level":0,"score":0.0},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.0}],"mesh":[],"locations_count":9,"locations":[{"id":"doi:10.1353/eca.2008.0020","doi":"https://doi.org/10.1353/eca.2008.0020","is_oa":false,"landing_page_url":"https://doi.org/10.1353/eca.2008.0020","pdf_url":null,"source":{"id":"https://openalex.org/S4210173904","display_name":"Brookings Papers on Economic Activity","issn_l":"0007-2303","issn":["0007-2303","1533-4465"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-class-a","anvur-scientific","cwts-core","jufo-1","norway-1","poland-200","russia-white-list-1","vabb-shw"],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Brookings Papers on Economic Activity","raw_type":"journal-article"},{"id":"doi:10.3386/w13558","doi":"https://doi.org/10.3386/w13558","is_oa":true,"landing_page_url":"https://doi.org/10.3386/w13558","pdf_url":"https://doi.org/10.3386/w13558","source":{"id":"https://openalex.org/S2809516038","display_name":"National Bureau of Economic Research","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":["https://openalex.org/P4322614461"],"host_organization_lineage_names":["National Bureau of Economic Research"],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"National Bureau of Economic Research","raw_type":"report"},{"id":"pmh:oai:RePEc:bin:bpeajo:v:38:y:2007:i:2007-2:p:111-134","doi":null,"is_oa":false,"landing_page_url":"https://www.brookings.edu/wp-content/uploads/2007/09/2007b_bpea_shillerz.pdf","pdf_url":"https://www.brookings.edu/wp-content/uploads/2007/09/2007b_bpea_shillerz.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"},{"id":"pmh:oai:RePEc:ecl:yaleco:29","doi":null,"is_oa":false,"landing_page_url":"http://economics.yale.edu/sites/default/files/files/Working-Papers/wp000/ddp0029.pdf","pdf_url":"http://economics.yale.edu/sites/default/files/files/Working-Papers/wp000/ddp0029.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"},{"id":"pmh:oai:RePEc:ysm:wpaper:amz2436","doi":null,"is_oa":false,"landing_page_url":"https://repec.som.yale.edu/icfpub/publications/2436.pdf","pdf_url":"https://repec.som.yale.edu/icfpub/publications/2436.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"},{"id":"pmh:oai:RePEc:nbr:nberwo:13558","doi":null,"is_oa":true,"landing_page_url":"http://www.nber.org/papers/w13558.pdf","pdf_url":"http://www.nber.org/papers/w13558.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"},{"id":"pmh:oai:RePEc:ysm:somwrk:amz2436","doi":null,"is_oa":false,"landing_page_url":"http://icfpub.som.yale.edu/publications/2436","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"},{"id":"pmh:oai:muse.jhu.edu:/article/231758","doi":null,"is_oa":false,"landing_page_url":"https://muse.jhu.edu/article/231758","pdf_url":null,"source":{"id":"https://openalex.org/S4377196299","display_name":"Project Muse (Johns Hopkins University)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I145311948","host_organization_name":"Johns Hopkins University","host_organization_lineage":["https://openalex.org/I145311948"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"","raw_type":"text"},{"id":"mag:2098076894","doi":null,"is_oa":true,"landing_page_url":"https://papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID1023622_code331494.pdf?abstractid=1023622","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"SSRN Electronic Journal","raw_type":null}],"best_oa_location":{"id":"doi:10.3386/w13558","doi":"https://doi.org/10.3386/w13558","is_oa":true,"landing_page_url":"https://doi.org/10.3386/w13558","pdf_url":"https://doi.org/10.3386/w13558","source":{"id":"https://openalex.org/S2809516038","display_name":"National Bureau of Economic Research","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":["https://openalex.org/P4322614461"],"host_organization_lineage_names":["National Bureau of Economic Research"],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"National Bureau of Economic Research","raw_type":"report"},"sustainable_development_goals":[],"sustainable_development_goals_aurora":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":true,"pdf":true},"content_urls":{"pdf":"https://content.openalex.org/works/W2098076894.pdf","grobid_xml":"https://content.openalex.org/works/W2098076894.grobid-xml"},"referenced_works_count":27,"referenced_works":["https://openalex.org/W650065589","https://openalex.org/W655821147","https://openalex.org/W1526838101","https://openalex.org/W1975140694","https://openalex.org/W1977336533","https://openalex.org/W1979132109","https://openalex.org/W2001914996","https://openalex.org/W2018027499","https://openalex.org/W2024922687","https://openalex.org/W2032610364","https://openalex.org/W2036039533","https://openalex.org/W2039146825","https://openalex.org/W2041046371","https://openalex.org/W2057361812","https://openalex.org/W2068120155","https://openalex.org/W2098283264","https://openalex.org/W2103679355","https://openalex.org/W2110155273","https://openalex.org/W2135732987","https://openalex.org/W2150408763","https://openalex.org/W2331161235","https://openalex.org/W2511891774","https://openalex.org/W3122712023","https://openalex.org/W3124063270","https://openalex.org/W3125433522","https://openalex.org/W4238535494","https://openalex.org/W6600828760"],"related_works":["https://openalex.org/W6992657953","https://openalex.org/W7097765710","https://openalex.org/W7096015319","https://openalex.org/W7098737723","https://openalex.org/W4410628292","https://openalex.org/W2262022376","https://openalex.org/W903292638","https://openalex.org/W4403515198","https://openalex.org/W6998574690","https://openalex.org/W2325777010"],"abstract_inverted_index":{"There":[0],"has":[1,47,72],"been":[2,44],"a":[3],"widespread":[4],"perception":[5,36],"in":[6,59],"the":[7,28,75],"past":[8],"few":[9],"years":[10],"that":[11,63],"long-term":[12,24],"asset":[13,52],"prices":[14,53],"are":[15],"generally":[16],"high":[17,51],"because":[18],"monetary":[19],"authorities":[20],"have":[21,42],"effectively":[22],"kept":[23],"interest":[25,40,79],"rates,":[26],"which":[27],"market":[29],"uses":[30],"to":[31,49,56,83,88],"discount":[32],"cash":[33],"flows,":[34],"low.This":[35],"is":[37],"not":[38,43],"accurate.Long-term":[39],"rates":[41],"especially":[45],"low.What":[46],"changed":[48],"produce":[50],"appears":[54,82],"instead":[55],"be":[57,84],"changes":[58],"popular":[60],"economic":[61],"models":[62],"people":[64],"actually":[65],"rely":[66],"on":[67],"when":[68],"valuing":[69],"assets.The":[70],"public":[71],"mostly":[73],"forgotten":[74],"concept":[76],"of":[77],"\"real":[78],"rate.\"Money":[80],"illusion":[81],"an":[85],"important":[86],"factor":[87],"consider.":[89]},"counts_by_year":[{"year":2021,"cited_by_count":3},{"year":2020,"cited_by_count":2},{"year":2018,"cited_by_count":1},{"year":2017,"cited_by_count":3},{"year":2016,"cited_by_count":2},{"year":2015,"cited_by_count":3},{"year":2014,"cited_by_count":4},{"year":2013,"cited_by_count":3},{"year":2012,"cited_by_count":2}],"updated_date":"2026-10-16T09:59:22.235173","created_date":"2016-06-24T00:00:00"}