Some economists have argued that recent rallies in certain asset markets — most notably, commodities and emerging market equities — represent the emergence of a new bubble fueled by accommodative monetary policy and carry trade activity. There is evidence, though, that the rallies can be explained by strong economic fundamentals in these markets.
Barlevy, Gadi. "A Leverage-based Model of Speculative Bubbles." Federal Reserve Bank of Chicago Working Paper No. 2008-01, January 3, 2008.
Bernanke, Ben S. "Monetary Policy and the Housing Bubble." Speech at the Annual Meeting of the American Economic Association, January 3, 2010, Atlanta, GA.
International Monetary Fund. "World Economic Outlook." April 2009.
Roubini, Nouriel. "Mother of All Carry Trades Faces an Inevitable Bust." Financial Times, November 1, 2009.