Book

My book "Asset Bubbles and Macroeconomic Policy" will be coming out December 23, 2025 from MIT Press. It is the first book in the Tel Aviv Lecture Series, a series of monographs adapted from graduate mini-courses taught at the Berglas School of Economics at Tel Aviv University and edited by Itay Saporta-Eksten and Rani Speigler. My book is based on a mini-course on asset bubbles that I taught in May 2021.

The book aims to bring together the broad literature on asset bubbles, identifying common themes and differences among the various models of bubbles that exist in the literature. By going through the details of the different models, it provides a clearer sense of what conditions allow asset bubbles to arise and what are the relevant considerations for policymakers who believe they may be facing a bubble.

MIT Press set the price of the book at their discretion. Since the price exceeds the range for books aimed at graduate students and researchers, I like to joke that this is a book about bubbles that is also a bubble (some may recognize the reference to this).

Thankfully, MIT Press offers a discount of 30% for those who buy the book on the day it is released (12/23/205) if they order it on the Penguin Random House website using the Code MITP30, and a 20% for those who buy the book after the release day if they order it on the Penguin Random House website using the Code READMIT20. Here are the terms and conditions for using the discount codes.

For those who are not eligible for the discount, or who wish to pre-order the book, here is the Amazon link for the book.

I taught part of the material from this book over four guest lectures in George-Marios Angeletos' marco topics course at Northwestern University in May 2025. Here are links to slides from those lectures:

Lecture 1: Introduction and Impossibility Results
Lecture 2: Bubbles, Dynamic Inefficiency, and Credit Frictions
Lecture 3: Private Information Bubbles (Bubbles without Common Knowledge)
Lecture 4: Subjective Beliefs and Bubbles

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