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Identification of speculative bubbles using state-space models with Markov-switching

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Figure 1: Smoothed regime-1 probabilities and price processes for the Evans-processes 1a, 1b, 1c       0.00.20.40.60.8102030405060708090100010203040501020304050607080901000.00.20.40.60.81.0102030405060708090100Smoothed probabilities for Evans-process 1b
Figure 2: Smoothed regime-1 probabilities and price processes for the Evans-processes 2a, 2b, 2c       0.00.20.40.60.81020304050607080901001020304050607080102030405060708090100.0.1.2.3.4.5.6.7102030405060708090100Smoothed probabilities for Evans-process 2b
Figure 3: Smoothed regime-1 probabilities and price processes for the Evans-processes 3a, 3b, 3c       .0.1.2.3.4.52550751001251501752000102030405060255075100125150175200.0.1.2.3.4255075100125150175200Smoothed probabilities for price process 3b
Figure 4: Smoothed regime-1 probabilities and stock prices for the USA (1871-2004, 1871-1912, 1913-1954)         .0.1.2.3.4.5.6.7187519001925195019752000012345671875190019251950197520000.00.20.40.60.81.01875 1880 1885 1890 1895 1900 1905 1910Smoothed proba
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