emerging market economies. Expansionary monetary policies in response to the burst of bubbles are argued to have contributed to … vagabonding bubbles around the globe. …

spending – combined with investment theory – to estimate the discount rates used by managers. The standard story predicts that … between 15.1% and 45.2% too much capital. These estimates suggest that, even before they burst, bubbles adversely affect …

-run output equation with a coefficient equal to the share of capital (á). The long-run theory is tested using quarterly data on … results support the long-run theory. The existence of long-run relations between real output, foreign output and real oil … steadily over the past three decades, the theory suggests that the effect of oil income on the economy’s steady state growth …

output equation with a coefficient equal to the share of capital. The long run theory is tested using a new quarterly data … long run relations: an output equation as predicted by the theory and a standard real money demand equation with inflation …