residential real estate market where transaction traits associated with short-term speculation can be identified. In the cross …

This paper examines whether theoretical models of bubbles based on the notion that the price of an asset can deviate … from its fundamental value are useful for understanding phenomena that are often described as bubbles, and which are … trading would emerge. In addition, I show that these models imply that speculative bubbles can be associated with low rather …

This paper develops a general equilibrium model to examine the quantitative effects of speculative bubbles on capital … late 1990s. The welfare cost of speculative bubbles depends crucially on parameter values. Bubbles can improve welfare if …, the welfare cost of bubbles is large, typically exceeding one percent of annual consumption …

We present a robust model of speculative bubbles by introducing loss-averse reference-dependent preferences by Koszegi … notion of bubbles to allow for the analysis in the case of a silent market with unobservable prices, and our model is able to … generate strong bubbles robust to moderate perturbations in parameters without the need for stronger conditions as suggested in …

-like demand, that is, speculation sentiment. The leveraged ETFs' primary market is a novel setting that provides observable … proxies for the magnitude and direction of speculative demand shocks and I use it to form the Speculation Sentiment Index …. Using the index, I show that speculation sentiment is contrarian; For example, it is bullish in down markets. I also find …

. The theory predicts that asset prices carry a speculative premium that reflects the asset's marketability and depends on … anomalous. The theory also exhibits rational expectations equilibria with recurring belief driven events that resemble liquidity …

This paper argues that short selling might give rise to bubbles that would otherwise not exist in equilibrium. It is …

I study heterogeneous beliefs speculative bubbles in a setup in which information flow is endogenous and is determined … by real investment. My main results are on welfare implications of bubbles. During the periods of major technological … modeling heterogeneous beliefs bubbles. I consider a model in which disagreements are small and short-lived and then a limiting …

and fiscal policy on the occurrence of bubbles, the introduction of a probability of market crash and the effect of … bubbles on income inequality …