NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Speculative Dynamics of Prices and Volume

Anthony A. DeFusco, Charles G. Nathanson, Eric Zwick

NBER Working Paper No. 23449
Issued in May 2017

---- Acknowledgements ----

We thank Stefano Giglio, Edward Glaeser, Sam Hanson, Stijn Van Nieuwerburgh, Alp Simsek, Johannes Stroebel, Richard Thaler, and Rob Vishny for helpful comments. William Cassidy, Jessica Henderson, Saul Ioffie, Harshil Sahai, and Iris Song provided excellent research assistance. DeFusco and Nathanson thank the Guthrie Center for Real Estate Research for financial support, and Zwick gratefully acknowledges financial support from the Fama Miller Center and Booth School of Business at the University of Chicago. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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