-2019

1. Introduction, Rational bubble
- Markus K. Brunnermeier and Martin Oehmke “Bubbles, Financial Crises, and Systemic Risk” (chapter 18 of the Handbook of the Economics of Finance 2B)

2. Rational Expectation and Bubble
- Tirole, J. (1982): “On the Possibility of Speculation under Rational Expectations,” Econometrica, 50, 1163-1182.

3. OLG model and Bubble: growing economy
- Tirole, J. (1985) "Asset Bubbles and Overlapping Generations", Econometrica, 53(5), 1071-1100.
(- Samuelson, P. A. (1958): “An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money,” Journal of Political Economy, 66(6), 467–482.)
(- Diamond, P. A. (1965): “National Debt in a Neoclassical Growth Model,” American Economic Review, 55(5), 1126–1150.)

4. OLG model and Bubble: outside liquidity
- Farhi, E. and Tirole, J. (2012): "Bubbly Liquidity", Review of Economic Studies, Vol. 79, 2, pp678-706.

5.OLG model and Bubble: imperfect capital markets
- Martin, A., and J. Ventura (2012): “Economic Growth with Bubbles,” American Economic Review, 147(2), 738–758.

6-8: OLG model and Bubble: monetary policy
- Allen, Franklin, Gadi Barlevy, and Douglas Gale (2018) "A Theoretical Model of Leaning Against the Wind," Federal Reserve Bank of Chicago Working Paper, No. 2017-16, 2017(revised April 20, 2018)
(- GalÌ, Jordi (2014). "Monetary Policy and Rational Asset Price Bubbles" American Economic Review, 104(3), March, p721-52.)
(- Jianjun Miao, Zhouxiang Shen, and Pengfei Wang(2019) "Monetary Policy and Rational Asset Price Bubbles: Comment," American Economic Review, 109(5), p1969-1990.)
(-Barlevy, Gadi (2014): "A Leverage-based Model of Speculative Bubbles," Journal of Economic Thoery, 153, 459-505.)

9: Infinite horizon model and Bubble/Boom: borrowing constraint and credit constraint
- SANTOS, M. S. and WOODFORD, M. (1997), “Rational Asset Pricing Bubbles”, Econometrica, 65, 19–58.
- Scheinkman, J. A. and Weiss, L. (1986): "Borrowing Constraints and Aggregate Economic Activity", Econometrica, Vol. 54, No. 1, pp.23-45.
- Hirano Tomohiro and Noriyuki Yanagawa (2017): "Asset Bubbles, Endogenous Growth, and Financial Frictions." Review of Economic Studies, Volume 84, Issue 1, 1 January 2017, Pages 406–443.
(- Kocherlakota, N. R. (1992): "Bubbles and constraints on debt accumulation", Journal of Economic Theory, Vol. 57, Issue 1, pp 245-256.)
(- Miao, Jianjun and Pengfei Wang (2018): "Asset Bubbles and Credit Constraints," American Economic Review 2018, 108, 9, pp2590-2628)
(-Justiniano, Alejandro; Giorgio E. Primiceri and Andrea Tambalotti (2019): "Credit Supply and the Housing Boom," Journal of Political Economy, Volume 127, Number 3, 1317-1350. )

10. Delegation and Bubble: implications of uncertain sequence of trading
- Allen, F., and G. Gorton (1993): “Churning Bubbles,” Review of Economic Studies, 60(4), 813–836.

11. Delegation and Bubble: implications of uncertain future asset payoff or future credit policy
- Allen, F., and D. Gale (2000): “Bubbles and Crises,” The Economic Journal, 110(460), 236–255.

12. Heterogeneous-Beliefs and Bubble: Debt Contract
- SIMSEK, A (2013): "BELIEF DISAGREEMENTS AND COLLATERAL CONSTRAINTS", Econometrica, Vol. 81, No. 1 (January, 2013), 1–53.
- MILLER, E. (1977): “Risk, Uncertainty, and Divergence of Opinion,” Journal of Finance, 32 (4), 1151–1168.
- HARRISON, J. M., AND D. M. KREPS (1978): “Speculative Investor Behavior in a Stock Market With Heterogeneous Expectations,” Quarterly Journal of Economics, 92, 323–336.
- José A. Scheinkman and Wei Xiong (2003):"Overconfidence and Speculative Bubbles", Journal of Political Economy Vol. 111, No. 6 (December 2003), pp. 1183-1220

13. Heterogeneous-Beliefs and Bubble: Financial Innovation
- Fostel, A., and J. Geanakoplos (2012): “Tranching, CDS, and asset prices: How financial innovation can cause bubbles and crashes,” AEJ: Macroeconomics, 4(1), 190–225.

14. Bank-Run and Financial Crisis
- Diamond, D. W., and P. H. Dybvig (1983): “Bank Runs, Deposit Insurance, and Liquidity,” Journal of Political Economy, 91(3), 401–419.
- Allen, F. and D. Gale (1998): “Optimal Financial Crises,” Journal of Finance, Vol 53(4), 1245-1284.

15. Fire Sales and Financial Crisis
- Allen, F., and D. Gale (1994): “Limited Market Participation and Volatility of Asset Prices,” American Economic Review, 84(4), 933–955.
- Shleifer, A., and R. W. Vishny (1992): “Liquidation Values and Debt Capacity: A Market Equilibrium Approach,” Journal of Finance, 47(4), 1343–1366.
- Diamond D. W., and R. G. Rajan(2011): “Fear of Fire Sales, liquidity Seeking, and Credit Freezes,” Quarterly Journal of Economics, 126(2), 557–591.

16. Margin Run and Financial Crisis
- Brunnermeier, M. K.; Pedersen, L. H. (2009): "Market Liquidity and Funding Liquidity.", Review of Financial Studies, June 2009, v. 22, iss. 6, pp. 2201-38.

17. Systemic Risk and Financial Crisis (interbank)
- Allen, F. and D. Gale(2000): “Financial Contagion,” Journal of Political Economy, 108(1), 1–33.

18. Systemic Risk and Financial Crisis
- Eisenberg, L., and T. H. Noe (2001): “Systemic Risk in Financial Systems,” Management Science, 47(3), 236–249.
- Daron Acemoglu & Asuman Ozdaglar & Alireza Tahbaz-Salehi (2015): "Systemic Risk and Stability in Financial Networks," American Economic Review, vol. 105(2), 564-608.