ECONOMETRIC TESTS OF ASSET PRICE BUBBLES: TAKING STOCK*
这篇综述考察了资产价格泡沫的计量检验方法，指出尽管有进展，但现有方法仍无法以足够确定性检测泡沫，且难以区分泡沫与时变基本面。
Abstract Can asset price bubbles be detected? This survey of econometric tests of asset price bubbles shows that, despite recent advances, econometric detection of asset price bubbles cannot be achieved with a satisfactory degree of certainty. For each paper that finds evidence of bubbles, there is another one that fits the data equally well without allowing for a bubble. We are still unable to distinguish bubbles from time‐varying or regime‐switching fundamentals, while many small sample econometrics problems of bubble tests remain unresolved.