Bubbles tomorrow and bubbles yesterday, but never bubbles today?

John Williams

FRBSF Economic Letter, 2013, issue sept23

Abstract: Standard asset price models have generally failed to detect bubbles, with enormous costs to the economy. Economists are now creating promising new models that account for bubbles by relaxing the assumption of rational expectations and allowing people?s decisions to be driven by their perceptions of what the future may hold. ; This letter is adapted from a presentation by the president and CEO of the Federal Reserve Bank of San Francisco to the National Association for Business Economics in San Francisco, California, on September 9, 2013.

Keywords: Asset; pricing (search for similar items in EconPapers)
Date: 2013
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Citations: View citations in EconPapers (11)

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