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The subject is a recent speech by Fed Governor Jeremy Stein.
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In early February, Federal Reserve Governor Jeremy Stein said "we are seeing a fairly significant pattern of reaching-for-yield behavior, " or investors buying riskier debt with higher yields.
WSJ: Stocks Testing Records��But There's Still Room to Run
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In order to test the theory they analyzed whether their data fit the predictions of a well-known theoretical model of short-termism developed by Harvard economics professor Jeremy Stein, who was recently named to the Board of Governors of the Federal Reserve System.
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