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by velshin 5167 days ago
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 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."