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Comment: Asset prices overvalued? Two views and a conclusion

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  • Shiller’s ‘Excess cyclically adjusted price/earnings ratio’ suggests little overvaluation.
  • But a Minsky typology suggests that prices are 5-6 steps out of 9 along the road to crisis.
  • We see no definitive overvaluation yet: but it is Minsky that we shall be monitoring.
Macro-series-Comment-Are-asset-prices-overvalued-February-2021

 

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Comment: Asset prices overvalued? Two views and a conclusion

Shiller’s ‘Excess cyclically adjusted price/earnings ratio’ suggests little overvaluation. But a Minsky typology suggests that prices are 5-6 steps out of 9 along the