[HTML][HTML] Bubble economics

T Hirano, AA Toda - Journal of Mathematical Economics, 2024 - Elsevier
This article provides a self-contained overview of the theory of rational asset price bubbles.
We cover topics from basic definitions, properties, and classical results to frontier research …

Asset-price redistribution

A Fagereng, M Gomez, E Gouin-Bonenfant, M Holm… - 2024 - shs.hal.science
Over the last several decades, there has been a large increase in asset valuations across
many asset classes. While these rising valuations had important effects on the distribution of …

Housing bubbles with phase transitions

T Hirano, AA Toda - ar** generations model with perfect
housing and rental markets. The economy exhibits a two-stage phase transition: as the …

Optimal monetary policy and rational asset bubbles

J Bonchi, S Nisticò - European Economic Review, 2024 - Elsevier
Abstract Within a tractable New Keynesian model with stochastic asset-market participation,
we analyze the normative implications of bubbly fluctuations for monetary policy. For a …

Bursting Bubbles in a Macroeconomic Model

T Hirano, K Kishi, AA Toda - arxiv preprint arxiv:2501.08215, 2025 - arxiv.org
This paper identifies the conditions and mechanisms that give rise to stochastic bubbles that
are expected to collapse. To illustrate the essence of the emergence of stochastic bubbles …