The Role of Speculators in House Price Run Ups

Amir Sufi from the University of Chicago and a Tef Man from Princeton have some new research showing that house price run ups in the United States during the housing bubble were driven by a small group of speculators. So there was this, the broader population were kind of raising their collective eyebrow at this core clutch of groupies who were still speculating on the asset until the end. That seems to kind of run against the popular vision of a bubble as this sort of mania that grips an entire society till the bitter end. Does that accord with your work? Well, I think he's only studied the big bubbles, right, which are the ones which do extend over sectors and groups