No-Bubble Condition: Model-free Tests in Housing Markets
---- Acknowledgements -----
We thank Saki Bigio, Markus Brunnermeier, John Campbell, John Cochrane, Edward Glaeser, Eugene Fama, Xavier Gabaix, Bob Hall, Mervyn King, Jennifer La'O, Tyler Muir, Monika Piazzesi, Jules Van Binsbergen, and Wei Xiong for helpful discussions. We are grateful to Miguel de Faria e Castro for excellent research assistance. We gratefully acknowledge the generous research support from the NYU Stern Center for the Global Economy and Business as well as from the Fama-Miller Center and the Initiative on Global Markets at the University of Chicago Booth School of Business. We thank Rightmove for sharing part of their data. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.