This chapter explores Keynes’s monetary thought with a focus on financial instability and crises. Keynes’s early monetary work, Indian Currency and Finance (1913), shows his keen concerns for financial instabilities and his appreciation of central banks’ lender-of-last-resort role. In his...

In the spatial econometrics literature, spatial error dependence is characterized by spatial autoregressive processes, which relate every observation in the cross-section to any other with distance-decaying intensity: i.e., dependence obeys Tobler's First Law of Geography ('everything is related...

In this paper we analyze the performance of supremum augmented Dickey-Fuller (SADF), generalized SADF (GSADF), and backward SADF (BSADF) tests, as introduced by Phillips et al. (International Economic Review 56:1043-1078, 2015) for detecting and date-stamping financial bubbles. In Monte Carlo...