Wang, Pengfei; Wen, Yi - Federal Reserve Bank of St. Louis - 2009
: Asset Price Volatility, Boom-Bust Cycles, Financial Crisis, Speculative Bubbles, Sunspots,
Tulip Mania.
JEL Codes: E21, E22 … are incomplete.4
This paper extends this literature to study asset price volatility and bubbles that may grow on assets …. We focus on asset price volatility and calibrate our model to match the second moments of the U.S.
data.
4. We provide an …