Comment: Asset prices overvalued? Two views and a conclusion

John Llewellyn, Silja Sepping

Llewellyn Consulting
February 5, 2021

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-ser...

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