Massachusetts Institute of Technology Department of Econonnics Working Paper Series SPECULATIVE GROWTH: HINTS FROM THE US ECONOMY Ricardo J. Caballero Emmanual Farhi Mohamad L. Hammour WORKING PAPER 02-45 November 27, 2002 REVISED: May 10, 2004 Room E52-251 50 Memorial Drive Cambridge, MA 02142 This paper can be downloaded without charge from the Social Science Research Network Paper Collection at http://papers.ssrn.conn/abstract=355901