A Short Note on the Size of the Dot-Com Bubble
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NBER Working Paper No. 12011
Issued in February 2006
NBER Program(s): AP ME
A surprisingly large amount of commentary today marks the beginning of the dot-com bubble of the late 1990s from either the Netscape Communications initial public offering of 1995 or Alan Greenspan's "irrational exuberance" speech of 1996. We believe that this is wrong: we see little sign that the aggregate U.S. stock market was in any way in a significant bubble until 1998 or so.
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