Gürkaynak, R. S.2016-02-082016-02-0820080950-0804http://hdl.handle.net/11693/23218Can asset price bubbles be detected? This survey of econometric tests of asset price bubbles shows that, despite recent advances, econometric detection of asset price bubbles cannot be achieved with a satisfactory degree of certainty. For each paper that finds evidence of bubbles, there is another one that fits the data equally well without allowing for a bubble. We are still unable to distinguish bubbles from time-varying or regime-switching fundamentals, while many small sample econometrics problems of bubble tests remain unresolved. © 2008 The Author Journal compilation © 2008 Blackwell Publishing Ltd.EnglishBubblesEconometric testsIdentificationEconometricsPrice dynamicsStock marketArticle10.1111/j.1467-6419.2007.00530.x1467-6419