type of rational bubble that depends exclusively on dividends. We call such bubbles "intrinsic" bubbles because they derive … examples of rational bubbles, intrinsic bubbles provide an empirically plausible account of deviations from present …

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

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

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 …

deterministic bubbles and stochastic bubbles, for a model of inflation and for a model of the evolution of price and quantity in the … market fora storable commodity, such as gold. The analysis focuses on stochastic bubbles as a possibility peculiarly … points to no compelling reason to rule out rational stochastic bubbles apriori, conventional behavioral assumptions imply …

This paper investigates the nature and the presence of bubbles in financial markets. Are bubbles consistent with … are some of the questions asked in the first three sections. The general conclusion is that bubbles, in many markets, are … consistent with rationality, that phenomena such as runaway asset prices and market crashes are consistent with rational bubbles …