JOHN COCHRANE: What does "irrational exuberance" mean?
永麟：什么是“非理性繁荣”是什么意思？
The next book is my own and called Irrational Exuberance.
下一本书是我自己写的，《非理性繁荣》。
India shows dangerous signs of irrational exuberance.
印度显现出不合理繁荣的危险的迹象。
Irrational exuberance: the overselling of emerging markets.
非理性亢奋：对新兴市场的过分吹嘘。
Irrational exuberance rarely gives way to rational skepticism quickly.
非理性繁荣很少能快速的让步于理性怀疑。
Irrational exuberance rarely gives way to rational scepticism quickly.
非理性繁荣很少会迅速地为理性的怀疑主义让路。
There are also signs of irrational exuberance among some investors.
在某些投资者中是存在非理性繁荣的征象的。
With luck he will heed Mr Greenspan's warnings about irrational exuberance.
幸运的是他留意到格林斯潘的非理性繁荣的警示。
This will be a theme of my course and also a theme of this book, Irrational Exuberance.
行为金融学将是我这门课的主题，而且也是《非理性繁荣》这本书的主题。
For example, Alan Greenspan’s “irrational exuberance” speech was given in 1996, not 2000.
例如，AlanGreenspan 的演讲“非理性繁荣”是发表于 1996 年，而不是 2000 年。
But we should guard against substituting irrational pessimism for irrational exuberance.
我们要避免用不理性的悲观来代替不理性的乐观。
Mr Quattrone, for some, embodies the excesses of the irrational exuberance of the 1990s.
而对一些人来说，奎特隆先生则是上世纪90年代非理性繁荣时期过度行为的代表。
Women have about 10% as much testosterone as men, making them less prone to irrational exuberance.
女性身体中的皮质醇只有男性中的10%，这使得她们更不倾向于做出非理性亢奋。
Mism can easily become irrational exuberance: asset prices in some emerging markets have risen too high.
但是也有危险。乐观主义可以轻易地变成非理性的繁荣：一些新兴市场上的资本价格已经上涨得过高。
Home values have soared to high levels in many countries as irrational exuberance grips the markets.
由于市场被非理性的繁荣所控制，很多国家的房地产都已大幅增值。
One, "Irrational Exuberance", turned its author, Robert Shiller of Yale University, into something of a guru.
第一本，非理性繁荣，将其作者耶鲁大学的RobertShiller推上权威的地位。
International regulators have been issuing warnings to chief executives about a return of irrational exuberance.
国际监管者们已经向高管们发出关于非理性繁荣回归的警告。
Optimism can easily become irrational exuberance: asset prices in some emerging markets have risen too high.
乐观主义很容易非理性滋长：一些新兴国家的资产价值已过高膨胀。
I talk about this in the book you have, Irrational Exuberance, and I'll let you read that and not summarize it here.
非理性繁荣这本书有提到过，以后你们会读到，在此不加赘述。
In a nutshell, they argued that, even in that period of wildly 'irrational exuberance,' shares were massively undervalued.
简而言之，他们认为，就算是在那个疯狂的“非理性繁荣”时期，股票也被严重低估了。
Norman’s advice helped persuade Strong to lower interest rates in 1927, which only increased irrational exuberance on Wall Street.
而诺曼的意见则帮助劝服斯特朗在1927年降低了利率，其唯一结果，就是助长了华尔街上的非理性繁荣（irrational exuberance）。
And that includes making them safer from the collateral damage of Alan Greenspan's irrational exuberance for risky financial technologies.
同时这使他们不用受到因为危险的金融技术而产生的格林斯潘的非理性繁荣的附带损害，从而变得更加安全。
Frederic Mishkin, a former governor of the Fed, said there were two sorts of bubbles: "credit boom" bubbles and "irrational exuberance" bubbles.
美联储前理事弗雷德里克·米什金(Frederic Mishkin)表示，泡沫有两种：“信贷繁荣”泡沫和“非理性繁荣”泡沫。
Third, it is argued, all this talk of new paradigms simply signals another manifestation of irrational exuberance: the overselling of emerging markets
第三，业界仍存在着一个争论，那就是这一所谓新模式也许只是非理性繁荣的又一表现：新兴市场的过度销售。
Third, it is argued, all this talk of new paradigms simply signals another manifestation of irrational exuberance: the overselling of emerging markets.
第三种不同看法认为这些所谓的新范式的说法，只不过是非理性热炒新市场论的又一表现。
Optimism can easily become irrational exuberance: asset prices in some emerging markets have risen too high. And there is a danger of a Western backlash.
乐观主义很容易演变为不理智的自以为是：在一些新兴市场国，资产价值上扬过度；而且它可能会招致西方国家的强烈抵制。
But sometimes, as with the crisis now or the irrational exuberance that led to it, "the voice of reason cannot be heard, since our primitive, emotional brain takes over."
但是，就这次危机或者导致这次危机的无数非理性的行为来说，“理性的声音淹没在原始冲动之中。”
But sometimes, as with the crisis now or the irrational exuberance that led to it, "the voice of reason cannot be heard, since our primitive, emotional brain takes over."
但是，就这次危机或者导致这次危机的无数非理性的行为来说，“理性的声音淹没在原始冲动之中。”
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