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Barcelona GSE Working Paper Series Working Paper nº 605Real Value Understanding Bubbly Episodes

By Vasco M. Carvalho, Alberto Martín, M. Carvalho, Alberto Martin and Jaume Ventura


Wealth has fluctuated substantially in recent US macroeconomic history. Figure 1 documents this by plotting the evolution of real net worth of US households and non-profit organizations between 1950 and 2010. 1 Up until the early 1990s the evolution of wealth seems relatively stable, displaying only mild and short-lived fluctuations around its trend. Since then, however, this behavior changed dramatically. From 1995 to 1999, and again from 2002 to 2006, wealth grew at a staggering 9 % per year only to contract violently in subsequent years

Year: 1960
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