“But how do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions as they have in Japan over the past decade?”

Francis Boyer Lecture of The American Enterprise Institute for Public Policy Research, Washington, D.C., December 5, 1996 http://www.federalreserve.gov/boarddocs/speeches/1996/19961205.htm.
1990s

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13th Chairman of the Federal Reserve in the United States 1926

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