Bubbles and the Value of Innovation

We thank Andrew Atkeson, Markus Brunnermeier, Edouard Challe, Alexandre Corhay, Emmanuel Farhi, Nicolae Garleanu, Harrison Hong, Pablo Kurlat, Deborah Lucas, Alberto Martin, Stavros Panageas, Gill Segal, Alp Simsek, Avanidhar Subrahmanyam, Jaume Ventura, and seminar participants at Columbia University, Federal Reserve Bank of Minneapolis, Federal Reserve Bank of Richmond, HKUST, London Business School, Minnesota, MIT Sloan, Princeton, UBC Sauder, UCLA, University of Amsterdam, University of Luxembourg, Wharton, Banque de France, Bank of England, AFA, Finance in the Cloud, FIRS, Macro Finance Society meetings, NBER Asset Pricing, SED, and WFA for useful comments. The views expressed herein are those of the authors and do not necessarily represent the views of the Federal Reserve Bank of Richmond, the Federal Reserve System, or the National Bureau of Economic Research.

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