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

individuals, to explain bubbles, crises, and endogenous risk in financial markets …

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 …

not valid in general: as soon as bubbles affect interest rates, the fundamental value of a stock depends on whether or not …-bubble price. Under conditions made precise below, there can therefore be price decreasing bubbles, and an asset can be quot;undervalued.quot …

type of rational bubble that depends exclusively on dividends. We call such bubbles quot;intrinsicquot; bubbles because … most popular examples of rational bubbles, intrinsic bubbles provide an empirically plausible account of deviations from …

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

We analyze the relationship between asset price bubbles and systemic risk, using bank-level data covering almost thirty … years. Systemic risk of banks rises already during a bubble’s build-up phase, and even more so during its bust. The increase …