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Author/Editor:
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Scherbina, Anna
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Publication Date:
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February 21, 2013
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Electronic Access:
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Free Full text
(PDF file size is 761KB).
Use the free
Adobe Acrobat Reader
to view this PDF file
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF.
The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate
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Summary:
Why do asset price bubbles continue to appear in various markets? This paper provides an overview of recent literature on bubbles, with significant attention given to behavioral models and rational models with frictions. Unlike the standard rational models, the new literature is able to model the common characteristics of historical bubble episodes and offer insights for how bubbles are initiated and sustained, the reasons they burst, and why arbitrage forces do not routinely step in to squash them. The latest U.S. real estate bubble is described in the context of this literature.
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Order a print copy
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Series:
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Working Paper No. 13/45
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Subject(s):
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Asset prices | Business cycles | Investment | Economic models
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English
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Publication Date:
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February 21, 2013
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ISBN/ISSN:
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9781475515299/2227-8885
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Format:
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Paper
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Stock No:
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WPIEA2013045
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Pages:
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41
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Price:
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US$18.00 )
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Please address any questions about this title to
publications@imf.org
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