Asset price bubbles are situations where asset prices exceed the fundamental values
defined by the present value of dividends. This paper presents a conceptually new …

We study the long-run behavior of land prices when land plays the dual role of a factor of
production and a store of value. In modern economies where technological progress is …

We present a new theoretical framework to think about asset price bubbles in dividend-
paying assets. We study a general equilibrium macro-finance model with a positive …

We analyze equilibrium housing prices in an overlapping generations model with perfect
housing and rental markets. We prove that the economy exhibits a two-stage phase …

Existing models of rational pure bubble models feature multiple (and often a continuum of)
equilibria, which makes model predictions and policy analysis non-robust. We show that …