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Economic Modelling 28 (2011) 2488–2493 Contents lists available at SciVerse ScienceDirect Economic Modelling journal homepage: www.elsevier. com/ locate/ ecmod Bootstrapping asset price bubbles Luciano Gutierrez Department of Economics and Woody Plant Ecosystems, University of Sassari, Via E. De Nicola 1, Italy a r t i c l e i n f o a b s t r a c t Article history: In this paper we propose a method that allows to test for asset price bubbles. The method is mainly based on a Accepted 15 July 2011 bootstrap methodology which helps to compute the finite sample probability distribution of the asymptotic tests which were recently proposed in Phillips et al. (2011) and Phillips and Yu (2009). We apply the method Keywords: to the Nasdaq stock price index and Case-Shiller house price index. The results indicate that speculation was Rational bubbles behind the upsurge in both asset prices. Bootstrap © 2011 Elsevier B.V. All rights reserved. Nonstationary tests 1. Introduction current high price an equilibrium price. The variance bounds tests of Shiller (1981) and LeRoy and Porter (1981); Wests test of bubbles In the last two decades the world ha