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It is well known that Bob Floods second paper with Peter Garber (Flood and Garber) was a influential pioneering work empirical testing for the existance of bubble phenomana in rational expectations. You will find more information at,
https://www.nber.org/papers/w7087

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A night watchman state, or a minimal state, is a form of government in political philosophy where the state's responsibilities are limited to protecting individuals from aggression, theft, breach of contract, and fraud. Therefore the only governmental institutions in a hypothetical night watchman state would be police, judicial systems, and the military, with some theories also including prisons.

Advocacy of a minimal state is known as minarchism.

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