Book

My book "Asset Bubbles and Macroeconomic Policy" from MIT Press is now out. 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 discount codes for people who buy the book through the Penguin Random House website. The code MITP30 entitles buyers to a 30% discount. If that code doesn't work, the code READMIT20 entitles buyers to a 20% discount. 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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