Bubbles and Unemployment
Asset Prices, Credit and Macroeconomic Policies Conference
March 25, 2011
* Preliminary. The views expressed herein are not necessarily those of my colleagues on the Federal Open Market Committee or anyone else in the Federal Reserve System. Indeed, the paper should be viewed only as an exploration of the properties of a new economic model and, as such, containing no information about my own thinking about current policy. I thank Robert Hall for comments.