Fig2-1 - 1000 900 200 800 700 Home Prices 150 600 500 100 400 Building Costs 300 Population 50 200 Interest Rates 0 1880 1900 1920 1940 1960 Year

Fig2-1 - 1000 900 200 800 700 Home Prices 150 600 500...

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1880 1900 1920 1940 1960 1980 2000 2020 2040 0 50 100 150 200 250 0 100 200 300 400 500 600 700 800 900 1000 Year Index or Interest Rate Population in Millions Home Prices Building Costs Population Interest Rates
Data for Figure 2.1 in Robert J. Shiller, Irrational Exuberance, 2nd. Edition, Princeton University Pr This version of the figure has quarterly data from 1953-I for prices, all other data are annual. Nominal Real Real Home Home Building U.S. Price Price Cost Population Long Rate Index Date Index Date Index Millions Long Rate Source Date From fig2.1 1890 100 1890 51.36234 63.056 3.42 Homer 1890 3.657175 1891 88.01179 1891 47.26616 64.361 3.62 Homer 1891 3.299213 1892 95.42174 1892 52.04816 65.666 3.6 Homer 1892 3.358873 1893 92.29739 1893 44.67333 66.97 3.75 Homer 1893 3.502058 1894 123.9805 1894 57.26343 68.275 3.7 Homer 1894 4.080763 1895 117.4551 1895 61.47034 69.58 3.46 Homer 1895 3.704903 1896 100.303 1896 60.06895 70.885 3.6 Homer 1896 3.209723 1897 106.5157 1897 62.38489 72.189 3.4 Homer 1897 3.311145 1898 110.1841 1898 61.43804 73.494 3.35 Homer 1898 3.525922 1899 103.8531 1899 64.04461 74.799 3.1 Homer 1899 3.370805 1900 101.5743 1900 49.42063 76.094 3.15 Homer 1900 3.854054 1901 87.3261 1901 51.25232 77.584 3.1 Homer 1901 3.233587 1902 100.4736 1902 50.51617 79.163 3.18 Homer 1902 3.812291 1903 93.07489 1903 43.54355 80.632 3.3 Homer 1903 3.871952 1904 101.8544 1904 47.08562 82.166 3.4 Homer 1904 4.050933 1905 87.24855 1905 47.11098 83.822 3.48 Homer 1905 3.549786 1906 103.5252 1906 51.76915 85.45 3.43 Homer 1906 4.212015 1907 109.3165 1907 49.54471 87.008 3.67 Homer 1907 4.647535 1908 100.8192 1908 50.12571 88.71 3.87 Homer 1908 4.194117 1909 95.38041 1909 44.07167 90.49 3.76 Homer 1909 4.098661 1910 93.11064 1910 37.98177 92.407 3.91 Homer 1910 4.426792 1911 97.54334 1911 42.29756 93.863 3.98 Homer 1911 4.32537 1912 102.3652 1912 42.25411 95.335 4.01 Homer 1912 4.492419 1913 95.40856 1913 40.33647 97.225 4.45 Homer 1913 4.492419 1914 96.97716 1914 34.47784 99.111 4.16 Homer 1914 4.659467 1915 88.14876 1915 35.31752 100.546 4.24 Homer 1915 4.277642 1916 93.72485 1916 47.29617 101.961 4.05 Homer 1916 4.683331 1917 85.00904 1917 53.5943 103.268 4.23 Homer 1917 4.778788 1918 75.56662 1918 42.64392 103.208 4.57 Homer 1918 5.083055 1919 70.5138 1919 36.18272 104.514 4.5 Homer 1919 5.590168 1920 66.07415 1920 40.2718 106.541 4.97 Homer 1920 6.12711 1921 65.61431 1921 32.80519 108.538 5.09 Homer 1921 5.989891 1922 74.7962 1922 34.43761 110.049 4.3 Homer 1922 6.073416 1923 76.35008 1923 41.57111 111.947 4.36 Homer 1923 6.162906 1924 74.28698 1924 40.36964 114.109 4.06 Homer 1924 6.174838 1925 78.16282 1925 39.71851 115.829 3.86 Homer 1925 6.497004 1926 72.4906 1926 38.8067 117.397 3.68 Homer 1926 6.234499 1927 71.3803 1927 39.90827 119.035 3.34 Homer 1927 6.001823 1928 73.28213 1928 40.80372 120.509 3.33 Homer 1928 6.091314 1929 72.61433 1929 41.93969 121.878 3.6 Homer 1929 5.966027 1930 69.49191 1930 40.62222 123.188 3.29 Homer 1930 5.709488 1931 68.6452 1931 39.67347 124.149 3.34 Homer 1931 5.244138 1932 68.33719 1932 34.39721 124.949 3.68 Homer 1932 4.695264 See the book Irrational Exuberance for description of data.
1933 72.86595 1933 43.07844 125.69 3.31 Homer 1933 4.516283 1934 73.27941 1934 47.50404 126.485 3.12 Homer 1934 4.647535 1935 78.07 1935 45.83077 127.362 2.79 Homer 1935 5.101406 1936 79.4149 1936 46.79909 128.181 2.65 Homer 1936 5.2656 1937 79.71762 1937 52.19453 128.961 2.68 Homer 1937 5.400578 1938 78.46465 1938 52.09138 129.969 2.56 Homer 1938 5.353394 1939 78.54968 1939 52.83555 131.028 2.36 Homer 1939 5.283714 1940 81.73081 1940 54.83644 132.122 2.21 Homer 1940 5.458425 1941 73.81588 1941 56.18901 133.402 1.95 Homer 1941 5.000757 1942 68.50283 1942 53.0935 134.86 2.46 Homer 1942 5.167434 1943 70.92297 1943 50.87879 136.739 2.47 Homer 1943 5.758912 1944 80.309 1944 50.71152 138.397 2.48 Homer 1944 6.713983 1945 87.75005 1945 50.41571 139.928 2.37 Homer 1945 7.504714 1946 106.5059 1946 54.05276 141.389 2.19 Homer 1946 9.313477 1947 109.3297 1947 54.66305 144.126 2.25 Homer 1947 11.29388 1948 101.2226 1948 54.02491 146.631 2.44 Homer 1948 11.52637 1949 100.0466 1949 55.07055 149.188 2.31 Homer 1949 11.53667 1950 105.8948 1950 59.91719 151.684 2.32 Homer 1950 11.95665 1951 103.8987 1951 59.2787 154.287 2.57 Homer 1951 12.67974 1952 103.9743 1952 58.94344 156.954 2.68 Homer 1952 13.2385 1953.125 114.7133 1953 60.83922 159.565 2.83 Homer 1953.125 14.66095 1953.375 115.0686 1954 62.25448 162.391 2.48 Fed. Res. 1953.375 14.70636 1953.625 114.6507 1955 65.95528 165.275 2.61 Fed. Res. 1953.625 14.76312 1953.875 113.8452 1956 68.79149 168.221 2.9 Fed. Res. 1953.875 14.7688 1954.125 114.3123 1957 69.24632 171.274 3.46 Fed. Res. 1954.125 14.77447 1954.375 114.6947 1958 68.92571 174.141 3.09 Fed. Res. 1954.375 14.7688 1954.625 115.0149 1959 70.95297 177.13 4.02 Fed. Res. 1954.625 14.86529 1954.875 115.6204 1960 71.63614 180.76 4.72 Fed. Res. 1954.875 14.88799 1955.125 115.9207 1961 71.5682 183.742 3.84 Fed. Res. 1955.125 14.87096 1955.375 115.1243 1962 72.593 186.59 4.08 Fed. Res. 1955.375 14.7688 1955.625 115.9731 1963 73.36702 189.3 3.83 Fed. Res. 1955.625 14.9334 1955.875 115.5419 1964 74.36712 191.927 4.17 Fed. Res. 1955.875 14.9334 1956.125 115.0474 1965 75.45725 194.347 4.19 Fed. Res. 1956.125 14.8142 1956.375 114.1805 1966 76.74927 196.599 4.61 Fed. Res. 1956.375 14.75745 1956.625 114.2958 1967 77.15051 198.752 4.58 Fed. Res. 1956.625 15.04692 1956.875 113.7942 1968 79.39056 200.745 5.53 Fed. Res. 1956.875 15.03557 1957.125 114.452 1969 83.32304 202.736 6.04 Fed. Res. 1957.125 15.17746 1957.375 114.4492 1970 83.0429 205.089 7.79 Fed. Res. 1957.375 15.34207 1957.625 112.8316 1971 89.43619 207.692 6.24 Fed. Res. 1957.625 15.34207 1957.875 113.6664 1972 95.7431 209.924 5.95 Fed. Res. 1957.875 15.45559 1958.125 112.8459 1973 100.3046 211.939 6.46 Fed. Res. 1958.125 15.50667 1958.375 112.5329 1974 97.09327 213.898 6.99 Fed. Res. 1958.375 15.62586 1958.625 111.6153 1975 94.1225 215.981 7.5 Fed. Res. 1958.625 15.55208 1958.875 111.7971 1976 96.2339 218.086 7.74 Fed. Res. 1958.875 15.5237 1959.125 111.2486 1977 99.1655 220.289 7.21 Fed. Res. 1959.125 15.50099 1959.375 111.5338 1978 100.5688 222.629 7.96 Fed. Res. 1959.375 15.54073 1959.625 110.5676 1979 100 225.106 9.1 Fed. Res. 1959.625 15.51235 1959.875 110.4583 1980 93.67721 227.726 10.8 Fed. Res. 1959.875 15.60316 1960.125 110.916 1981 90.50388 230.008 12.57 Fed. Res. 1960.125 15.61451 1960.375 109.9237 1982 88.95277 232.218 14.59 Fed. Res. 1960.375 15.58046
1960.625 109.7918 1983 91.5283 234.333 10.46 Fed. Res. 1960.625 15.61451 1960.875 109.6496 1984 89.0616 236.394 11.67 Fed. Res. 1960.875 15.69965 1961.125 109.4514 1985 86.30725 238.506 11.38 Fed. Res. 1961.125 15.67127 1961.375 109.2532 1986 85.06564 240.683 9.19 Fed. Res. 1961.375 15.64289 1961.625 108.9973 1987 85.80012 242.843 7.08 Fed. Res. 1961.625 15.711 1961.875 109.5092 1988 84.31285 245.061 8.67 Fed. Res. 1961.875 15.78479 1962.125 109.8243 1989 81.66945 247.387 9.09 Fed. Res. 1962.125 15.8302 1962.375 109.449 1990 79.63499 250.181 8.21 Fed. Res. 1962.375 15.88128 1962.625 109.3217 1991 76.74207 253.53 8.09 Fed. Res. 1962.625 15.91534 1962.875 108.7289 1992 77.05382 256.922 7.03 Fed. Res. 1962.875 15.88128 1963.125 109.0787 1993 78.88788 260.282 6.6 Fed. Res. 1963.125 15.93236 1963.375 109.4182 1994 79.89887 263.455 5.75 Fed. Res. 1963.375 16.03453 1963.625 108.8593 1995 77.74431 266.588 7.78 Fed. Res. 1963.625 16.05724 1963.875 109.1196 1996 77.89286 269.714 5.65 Fed. Res. 1963.875 16.14805 1964.125 109.531 1997 79.39146 272.958 6.58 Fed. Res.

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