document two ways the market valuation of innovation and its economic impact become disconnected during bubbles. Specifically … firms will succeed that reconciles both the facts, unlike existing models of bubbles. Optimal innovation policy during … bubbles must account for the disconnect …

forecast errors, along with possible directional misprediction by the forward premium. The implications of bubbles for tests of … forward-rate predictive efficiency are discussed next. It is argued that the existence of bubbles is extremely difficult (if … between spot and forward exchange rates, it seems unlikely that there bubbles have been an important factor. Finally, the …

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 …

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 …

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

speculative bubbles. This study examines the sense in which speculative bubbles could in theory lead to excess volatility, hut it … demonstrates that some of the variance hounds evidence reported to date precludes bubbles as a reason why asset prices might …, to an unwary researcher, to contain bubbles …