This paper specifies and estimates a structural dynamic stochastic model of the way individuals make retirement and … saving choices in an uncertain world, and applies that model to analyze the effects of the stock market bubble on retirement … behavior. The model includes individual variation both in retirement preferences and in time preferences. Estimates are based …

"conventional" view on the effects of monetary policy on bubbles, as well as with the predictions of bubbleless models. We also …

Standard tests find that no bubbles are present in the stock price data for the last one hundred years. In contrast …

. The latter is more likely if bubbles develop along the expansionary path. These (rational) bubbles can emerge even when …

We model the relationship between asset float (tradeable shares) and speculative bubbles. Investors trade a stock with …

This paper presents a stylized model of international trade and asset price bubbles. Its central insight is that … bubbles tend to appear and expand in countries where productivity is low relative to the rest of the world. These bubbles … productivity countries. Through this channel, bubbles act as substitute for international capital flows, improving the …