The Fed economist Kevin J. Lansing has an excellent paper on asset price bubbles, written in 2007. http://www.frbsf.org/publications/economics/letter/2007/el20

The Fed economist Kevin J. Lansing has an excellent paper on asset price bubbles, written in 2007. http://www.frbsf.org/publications/economics/letter/2007/el2007-32.html http://www.frbsf.org/publications/economics/letter/2007/el20... "The market's meteoric rise is typically justified in the popular culture by some superficially plausible "new era" theory that validates the abandonment of traditional valuation metrics."