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Demystifying Bubbles in Asset Prices
Storrie, Christine L.
Storrie, Christine L.
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Pennsylvania Economic Review
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2018
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This paper provides a survey of asset price bubbles. I focus on the theoretical model for pricing assets from both a classical rational expectations model as well as some of the theories from newer behavioral models. A review of empirical methods used to estimate bubbles is presented along with an examination of the difficulties of empirically identifying bubbles in asset prices. I provide a discussion of the role of central banks and whether a response to asset-price bubbles is appropriate on their part and conclude with a summary of some of the more famous bubbles throughout history.
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Storrie, Christine L. "Demystifying Bubbles in Asset Prices” Pennsylvania Economic Review, Volume 25, Number 2, 3 (2018) pp. 78-90.
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