Phillips, Peter C.B.; Wu, Yangru; Yu, Jun - Cowles Foundation for Research in Economics, Yale University - 2009
A recursive test procedure is suggested that provides a mechanism for testing explosive behavior, date-stamping the … origination and collapse of economic exuberance, and providing valid confidence intervals for explosive growth rates. The method … applications, and some new limit theory for mildly explosive processes. The test procedure is shown to have discriminatory power in …