ECB says a correction is likely whether or not today's prices are rational

Five economists at the European Central Bank published an analysis on Monday arguing that stock market valuations are likely to correct, and that the argument holds whether or not today’s prices are rational. The post, by Malin Andersson, Johannes Breckenfelder, Stefano Corradin, Kalin Nikolov and Maria Antonietta Viola, puts US valuations close to their historical...