Journal Article
Bubbles tomorrow and bubbles yesterday, but never bubbles today?
Abstract: Standard asset price models have generally failed to detect bubbles, with enormous costs to the economy. Economists are now creating promising new models that account for bubbles by relaxing the assumption of rational expectations and allowing people?s decisions to be driven by their perceptions of what the future may hold. ; This letter is adapted from a presentation by the president and CEO of the Federal Reserve Bank of San Francisco to the National Association for Business Economics in San Francisco, California, on September 9, 2013.
Keywords: Asset pricing;
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File(s): File format is application/pdf http://www.frbsf.org/economic-research/publications/economic-letter/2013/september/asset-price-bubbles-theory-models/
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Bibliographic Information
Provider: Federal Reserve Bank of San Francisco
Part of Series: FRBSF Economic Letter
Publication Date: 2013
Order Number: 27