Beyond Bubbles: The role of asset prices in early-warning indicators

Number: 
457
Published: 
Classification JEL: 
E58, E44, G12, G18
Keywords: 
Human capital agglomeration, Social returns, Private returns, Externalities, Uncertainty, Fiscal policy

Asset prices have recently become a common topic in economic debate. Nevertheless, much time has been spent in determining if they effectively exhibit a bubble component, and not in examining whether asset prices affectively contain relevant information c