Frederic Mishkin, a former governor of the Fed, said there were two sorts of bubbles: "credit boom" bubbles and "irrational exuberance" bubbles.

美联储前理事弗雷德里克·米什金(Frederic Mishkin)表示，泡沫有两种：“信贷繁荣”泡沫和“非理性繁荣”泡沫。

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The theory of speculative bubbles can be divided into two parts: rational speculative bubbles and irrational speculative bubbles.

投机泡沫理论可分为理性投机泡沫和非理性投机泡沫两个方向。

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This paper would introduce the birth principle of irrational speculative bubbles.

本文利用行为金融理论研究非理性投机泡沫的生成机理。

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Mr Mishkin, a former Fed governor, draws a contrast between credit-boom bubbles and irrational exuberance in stockmarkets, such as the dotcom bubble.

ECONOMIST: What regulators should do now

It is they who claimed it was impossible to spot asset bubbles, except in hindsight, despite systemic, irrational exuberance in property prices and stockmarkets.

ECONOMIST: The wealth of nations