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Bubbles tomorrow and bubbles yesterday, but never bubbles today?

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  • John C. Williams

Abstract

Presentation to the National Association for Business Economics, San Francisco, September 9, 2013

Suggested Citation

  • John C. Williams, 2013. "Bubbles tomorrow and bubbles yesterday, but never bubbles today?," Speech 122, Federal Reserve Bank of San Francisco.
  • Handle: RePEc:fip:fedfsp:122
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    References listed on IDEAS

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    1. Karl E. Case & Robert J. Shiller & Anne K. Thompson, 2012. "What Have They Been Thinking? Homebuyer Behavior in Hot and Cold Markets," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, pages 265-315.
    2. Morten Balling & Christian Sinding Bentzen & Jesper Berg & Alan Boyce & Per Callesen & José Carrasco-Gallego & Giovanni Dell’Ariccia & R. Glenn Hubbard & Deniz Igan & Marius Jurgilus & Kevin J. Lansin, 2013. "Property Prices and Real Estate Financing in a Turbulent World," SUERF Studies, SUERF - The European Money and Finance Forum, number 2013/4 edited by Morten Balling & Jesper Berg.
    3. Robin Greenwood & Andrei Shleifer, 2014. "Expectations of Returns and Expected Returns," Review of Financial Studies, Society for Financial Studies, vol. 27(3), pages 714-746.
    4. Cutler, David M & Poterba, James M & Summers, Lawrence H, 1990. "Speculative Dynamics and the Role of Feedback Traders," American Economic Review, American Economic Association, pages 63-68.
    5. Moses Abramovitz, 1956. "Resource and Output Trends in the United States Since 1870," NBER Books, National Bureau of Economic Research, Inc, number abra56-1.
    6. Campbell, Sean D. & Davis, Morris A. & Gallin, Joshua & Martin, Robert F., 2009. "What moves housing markets: A variance decomposition of the rent-price ratio," Journal of Urban Economics, Elsevier, vol. 66(2), pages 90-102, September.
    7. Gelain, Paolo & Lansing, Kevin J., 2014. "House prices, expectations, and time-varying fundamentals," Journal of Empirical Finance, Elsevier, pages 3-25.
    8. Moses Abramovitz, 1956. "Resource and Output Trends in the United States Since 1870," NBER Chapters,in: Resource and Output Trends in the United States Since 1870, pages 1-23 National Bureau of Economic Research, Inc.
    9. Cúrdia, Vasco & Finocchiaro, Daria, 2013. "Monetary regime change and business cycles," Journal of Economic Dynamics and Control, Elsevier, pages 756-773.
    10. Gelain, Paolo & Lansing, Kevin J., 2014. "House prices, expectations, and time-varying fundamentals," Journal of Empirical Finance, Elsevier, pages 3-25.
    11. Marius Jurgilas & Kevin J. Lansing, 2013. "Housing Bubbles and Expected Returns to Homeownership – Lessons and Policy Implications," Chapters in SUERF Studies, SUERF - The European Money and Finance Forum.
    12. John H. Cochrane, 2008. "The Dog That Did Not Bark: A Defense of Return Predictability," Review of Financial Studies, Society for Financial Studies, vol. 21(4), pages 1533-1575, July.
    13. Tom Engsted & Thomas Q. Pedersen, 2012. "Predicting returns and rent growth in the housing market using the rent-to-price ratio: Evidence from the OECD countries," CREATES Research Papers 2012-58, Department of Economics and Business Economics, Aarhus University.
    14. Ulrike Malmendier & Stefan Nagel, 2011. "Depression Babies: Do Macroeconomic Experiences Affect Risk Taking?," The Quarterly Journal of Economics, Oxford University Press, vol. 126(1), pages 373-416.
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    Cited by:

    1. Gelain, Paolo & Lansing, Kevin J., 2014. "House prices, expectations, and time-varying fundamentals," Journal of Empirical Finance, Elsevier, pages 3-25.
    2. Bertsatos, Georgios & Sakellaris, Plutarchos, 2016. "A dynamic model of bank valuation," Economics Letters, Elsevier, vol. 145(C), pages 15-18.
    3. Anundsen, André Kallåk & Heebøll, Christian, 2016. "Supply restrictions, subprime lending and regional US house prices," Journal of Housing Economics, Elsevier, pages 54-72.
    4. Roman Frydman & Joshua R. Stillwagon, 2016. "Stock-Market Expectations: Econometric Evidence that both REH and Behavioral Insights Matter," Working Papers Series 44, Institute for New Economic Thinking.
    5. Lansing, Kevin J. & Pyle, Benjamin, 2015. "Persistent overoptimism about economic growth," FRBSF Economic Letter, Federal Reserve Bank of San Francisco.

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    Keywords

    Asset pricing;

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