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Becauseδhas bounded support, the remaining terms in (D.11) form a geometrically discounted tail

For early ramp-up indices, the mean-value theorem applied twice gives ∆2δt+j =g ′′(ξt,j)≥mfor someξ t,j ∈(0, τ) whenevert+jremains on the ramp-up branch · 1987

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General-Purpose Technology and Speculative Bubble Detection

econ.GN · 2026-04-28 · unverdicted · novelty 7.0

Embedding a hump-shaped general-purpose technology shock in the Campbell-Shiller model makes fundamental prices locally explosive, distorting bubble tests; a projection onto technology proxies removes the distortion and shows no speculation in 2020-2025 AI stocks but confirms it in late-1999 dot-com

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  • General-Purpose Technology and Speculative Bubble Detection econ.GN · 2026-04-28 · unverdicted · none · ref 3

    Embedding a hump-shaped general-purpose technology shock in the Campbell-Shiller model makes fundamental prices locally explosive, distorting bubble tests; a projection onto technology proxies removes the distortion and shows no speculation in 2020-2025 AI stocks but confirms it in late-1999 dot-com