Thursday, February 13, 2014
A Brief History of the Efficient Markets Hypothesis
Back in 2008, Gene Fama made a nice video for the American Finance Association on the history of the efficient markets hypothesis. The video is finally out on the new AFA youtube channel here. You may have to drag the cursor back to see the introduction, on which I did a pretty good job if I do say so myself.
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Fama says no bubbles, markets work. I believe him, otherwise why have markets. Okay, last year unit labor costs fell 1.3 percent, says the BLS. The PCE deflator now trending down, under 1 percent. Actually, inflation and interest rates have been trending down for 30 years...
ReplyDeleteWhy the hysteria at the Fed over bubbles and inflation?