Full metadata record
| DC Field | Value | Language |
|---|---|---|
| dc.contributor.author | Barbarino, Alessandro | - |
| dc.contributor.author | Jovanovic, Boyan | - |
| dc.date.accessioned | 2008-05-30T21:24:08Z | - |
| dc.date.available | 2008-05-30T21:24:08Z | - |
| dc.date.issued | 2003-09-30 | - |
| dc.identifier.uri | http://hdl.handle.net/2451/27323 | - |
| dc.description.abstract | Stock-market crashes tend to follow run-ups in prices. These episodes look like bubbles that gradually inflate and then suddenly burst. We show that such bubbles can form in a Zeira-Rob type of model in which demand size is uncertain. Two conditions are sufficient for this to happen: A declining hazard rate in the prior distribution over market size and a convex cost of investment. For the period 1971-2001 we fit the model to the Telecom sector. | en |
| dc.language.iso | en_US | en |
| dc.relation.ispartofseries | S-MF-03-15 | en |
| dc.title | Shakeouts and Market Crashes | en |
| dc.type | Working Paper | en |
| Appears in Collections: | Macro Finance | |
Files in This Item:
| File | Description | Size | Format | |
|---|---|---|---|---|
| S-MF-03-15.pdf | 555.23 kB | Adobe PDF | View/Open |
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