Testing for and dating periods of explosive dynamics (exuberance) in time series using the univariate and panel recursive unit root tests proposed by Phillips et al. (2015) and Pavlidis et al. (2016). The recursive least-squares algorithm utilizes the matrix inversion lemma to avoid matrix inversion which results in significant speed improvements. Simulation of a variety of periodically-collapsing bubble processes.


If you encounter a clear bug, please file a reproducible example on GitHub.


{exuber} is based on two principles when testing for explosive dynamics in time series — estimating statistics and generating critical values.


The radf() function offers a vectorized estimation (i.e. single and multiple time-series) for individual and panel estimation. The estimation can parse data from multiple classes and handle dates as index.

Critical Values

There are several options for generating critical values. On default {exuber} will use Monte Carlo simulated critical values if no other option is provided. The package offers these critical values in the form of data (up to 700 observations), that are obtain with the mc_cv() function. Alternatively, {exuber} accommodates Wild Bootstrapped and Sieve Bootstrapped (panel) critical values through wb_cv() and sb_cv() respectively.

Please note that the ‘exuber’ project is released with a Contributor Code of Conduct. By contributing to this project, you agree to abide by its terms.