J. Bradford De Long

Stock prices, inflation, and the term structure of interest rates

Are all Economic Hypotheses False?

The authors develop an estimator that allows them to calculate an upper bound to the fraction of unrejected null hypotheses tested in economics journal articles that are in fact...

Noise Trader Risk in Financial Markets

The authors present a simple overlapping generations model of an asset market in which irrational noise traders with erroneous stochastic beliefs both affect prices and earn hig...

The Survival of Noise Traders in Financial Markets

The authors present a model of portfolio allocation by noise traders with incorrect expectations about return variances. For such misperceptions, noise traders who do not affect...