Region Focus

Fall 2009

The Price is Right? Has the financial crisis provided a fatal blow to the efficient market hypothesis?

Some observers have argued that the financial crisis has disproven what has become known as the "efficient market hypothesis." But the conclusions of the hypothesis are more modest than its critics often suggest.

Related Links

Jones, Steven, and Jeffry Netter. "Efficient Capital Markets." In David R. Henderson (ed.), The Concise Encyclopedia of Economics. Indianapolis: Liberty Fund, 2008.

Lo, Andrew. "Efficient Markets Hypothesis." In Steven N. Durlauf and Lawrence E. Blume (eds.), The New Palgrave Dictionary of Economics, Second Edition. New York: Palgrave Mcmillan, 2008.

Shiller, Robert J. "From Efficient Markets to Behavioral Finance." Journal of Economic Perspectives, Winter 2003, vol. 17, no. 1, pp. 83-104.
(non-gated, working paper version)

Contact Us


Aaron Steelman
Publications Director
(804) 697-2658

Order Publications

Order single copies of or subscribe to Econ Focus (formerly Region Focus) and other publications from the Federal Reserve System.