A review of Phillips-type right-tailed unit root bubble detection tests

Recent developments on the right-tailed unit root tests of Phillips et al., which are used to date stamp the origination and collapse dates of asset price bubbles, have generated considerable interest. This paper provides a review for both empirical researchers that adopt these new econometric tools to detect the presence of asset price bubbles, and theoretical papers that extend these testing procedures. This paper also uses the psymonitor package in R to demonstrate the practical use of such tests using an example based on data for British Railway Mania of the 1840s.