Title data
Baumann, Michael Heinrich ; Janischewski, Anja:
What are Asset Price Bubbles? A Survey on Definitions of Financial Bubbles.
2021
Event: 25nd Annual International Conference on Macroeconomic Analysis and International Finance (ICMAIF)
, 29.-31. Juli 2021
, University of Crete, Rethymno, Greece / online.
(Conference item: Conference
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Speech
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Abstract in another language
The popular press and news The press have been reporting about bubbles not only since the financial crash of 2008. However, there is no precise definition of what is meant by this. Even in the scientific literature, this question has not been clarified clearly. Depending on the area of application, a wide variety of definitions of bubble are used, with some also distinguishing between positive and negative bubbles as well as fads. We compare definitions as they are used, e.g., in experimental economics, by policy makers, exemplary through historical examples, or in the mathematical discipline of stochastic processes, and examine them for their properties, especially for real-time applicability.