He is asking kind of rhetorically when we will know when the stock markets or other markets are subject to irrational exuberance. Now, everyone pretty quickly figured out, or assumed that he was really talking about the US and I think he was concerned that the stock market was getting too high and in retrospect that was only the very beginning of the bubble.
"Jeffrey Alexander" ""Jeff"" "Frankel" is the James W. Harpel Professor of Capital Formation and Growth at Harvard University/Harvard University's Kennedy School of Government. A member of the Council of Economic Advisors under President Bill Clinton, Frankel is a noted international macroeconomist. Frankel's contributions include showing econometrically that openness is good for economic growth, by means of a gravity model of trade (with David Romer).
Frankel directs the Program in International Finance and Macroeconomics at the National Bureau of Economic Research and is also on the Business Cycle Dating Committee, which officially declares US recessions.
More Jeffrey Frankel on Wikipedia.In this case it seems very obvious that an airport has an economic impact and you would not need a report. It's hard to see what a report like this establishes that isn't already obvious.
By most indicators, there were two recessions both pretty mild and pretty strong growth in most of the rest of the time. I think he deserves a grade for monetary policy.
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