Asset Bubbles and Macroeconomic Policy

ENDORSEMENTS

“A rigorous yet accessible monograph on asset bubbles—offering a crisp review of the literature, a unifying prism on disparate theories, and sharp insight. Essential reading for graduate students and policymakers alike.”
—George-Marios Angeletos, Stanley J. Gradowski Jr. Professor of Behavioral Macroeconomics, Northwestern University

“This book provides a highly readable and thorough treatment of the vast literature on asset price bubbles and their macroeconomic implications. It would add great value to any macro or finance second-year PhD course.”
—Narayana R. Kocherlakota, Louise and Henry Epstein Professor of Business Administration, Simon Business School, University of Rochester

“From the tulip mania to crypto, bubbles are a recurrent and fascinating phenomenon. They raise fundamental issues about the environment in which they appear, the nature of asset markets, the formation of expectations. The book by Gadi Barlevy does a superb job of presenting complex issues in a transparent way.”
—Olivier Blanchard, Robert Solow Professor of Economics Emeritus, MIT

“Why do asset bubbles form, and how should we respond? Gadi Barlevy blends historical insight with economic theory in a crisp, accessible guide to understanding—and confronting—the macroeconomic consequences of bubbles.”
—Alberto Martin, Senior Researcher, Centre de Recerca en Economia Internacional

“Gadi Barlevy’s superb book summarizes the academic literature on bubbles and policy in a comprehensive and understandable way. As the first work to do this, it is a must-read for scholars, practitioners, and policymakers.”
—Franklin Allen, Professor of Finance and Economics, Imperial College London

“A masterfully clear and comprehensive treatment of bubble models—from rational to belief-driven—with rich macroeconomic insights. A definitive reference for researchers and an essential resource for PhD teaching.”
—Alp Simsek, Professor of Finance, Yale School of Management

Gadi Barlevy is a Senior Economist and Economic Advisor at the Federal Reserve Bank of Chicago. He has served as Coeditor at Theoretical Economics and the Review of Economic Dynamics and as an Associate Editor at the Journal of Economic Theory and the European Economic Review.

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