Journal Article
Asset price bubbles
Abstract: Economists use the term \\"bubble\\" to describe an asset price that has risen above the level justified by economic fundamentals, as measured by the discounted stream of expected future cash flows that will accrue to the owner of the asset. The dramatic rise in U.S. stock prices during the late 1990s, followed similarly by U.S. house prices during the early 2000s, are episodes that have both been described as \\"bubbles.\\" This Economic Letter describes some research that attempts to account for the behavior of asset price bubbles.
Keywords: Asset pricing;
Access Documents
File(s): File format is text/html http://www.frbsf.org/publications/economics/letter/2007/el2007-32.html
File(s): File format is application/pdf http://www.frbsf.org/publications/economics/letter/2007/el2007-32.pdf
Authors
Bibliographic Information
Provider: Federal Reserve Bank of San Francisco
Part of Series: FRBSF Economic Letter
Publication Date: 2007
Order Number: 32