A Short Note on the Size of the Dot-Com BubbleJ. Bradford DeLong, Konstantin Magin
NBER Working Paper No. 12011 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. This paper is available as PDF (119 K) or via email.
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