estimated in two ways. One may test for speculative bubbles, or fads, by testing whether the two estimates are the same. When … the test is applied to some annual U.S. stock market data, the data usually reject the null hypothesis of no bubbles. The …

and Porter (1981) and Shiller (1981a). It appears that neither small sample bias, rational bubbles nor some standard …

bubbles in stock prices in a model in which stockholders have …rules out the existence of negative rational bubbles. The …

This paper reports empirical tests for the existence of rational bubbles in stock prices. The analysis focuses on a … extraneous variables. The tests are based on the theoretical result that, if rational bubbles exist, time series obtained by …. Applications of the time domain tests to simulated nonstationary time series that would be implied by rational bubbles indicates …

financial index investment in recent years did not cause massive bubbles in agricultural futures prices …

rational bubbles does not occur in the foreign exchange market. In this paper we consider instead a setup in which the … the presence of bubbles is viable if the Central Bank accommodates speculative attacks when the latter are consistent with …

This paper analyzes the possible inception of rational inflationary bubbles under the assumption that the empirically … relevant environment precludes the existence of rational deflationary bubbles. The analysis shows that if a rational … bubbles also apply to rational exchange-rate bubbles …

economically interesting, i.e., forward looking, any rational bubbles would be either explosive or implosive. Further arguments … the value of fiat money. These arguments rule out both positive and negative rational bubbles, except for the poissibility … of rational inflationary bubbles.This paper extends the theoretical analysis of rational bubbles in two ways. First, it …