An Examination of Multiple Bubbles: A Case Study of Iranian Housing Market

 Since the housing sector has a wide relationship with other economic sectors, fluctuations due to price bubbles of this asset can lead to heavy costs. So, detection of the housing price bubbles must be examined to provide a primary alarming system for the prevention of economic adverse consequences. For this purpose, we have examined whether or not the Iranian housing price has been bubbled during the time period 2002:03-2014:09. To answer the question, we have employed the right-tailed unit root tests suggested by Phillips, et al. (2012). The results based on this new method show that Iranian housing market has experienced the explosive behavior and multiple bubbles during the time period.