games, beauty contests, and their applications. We elaborate on the distinct effects of strategic uncertainty relative to … fundamental uncertainty. We demonstrate the potential fragility of workhorse macroeconomic models to relaxations of common …

setting, an increase in uncertainty about future shocks causes significant contractions in the economy and may lead to non … outcomes. Fluctuations in uncertainty and the zero lower bound help our model match the unconditional and stochastic volatility …

We investigate the relationship between uncertainty about monetary policy and its transmission mechanism, and economic …-order effect on their dynamics. The data favors a model with two unspanned volatility factors that capture uncertainty about … monetary policy and the term premium. Uncertainty contributes negatively to economic activity. Two dimensions of uncertainty …

In this research, we provide new empirical evidence on the importance of time-varying uncertainty for the exchange rate … and the excess return in currency markets. Following an increase in monetary policy uncertainty, the dollar exchange rate …-varying uncertainty aimed at understanding these regularities. In the model, the behaviour of the exchange rate following nominal and real …

's and Treasury-bond's ATMIV indices, which measure market and policy uncertainty, are counter-cyclical while the P/C index …

("uncertainty"), we find that a lax monetary policy decreases both risk aversion and uncertainty, with the former effect being …

dominate, in that public releases increase uncertainty about fundamentals. In some cases, public releases can create or …

We study the design of optimal monetary policy under uncertainty in a dynamic stochastic general equilibrium models. We … use a Markov jump-linear-quadratic (MJLQ) approach to study policy design, approximating the uncertainty by different … a benchmark New Keynesian model, analyzing how policy is affected by uncertainty, and how learning and active …

). Finally, this class of rules is robust to model uncertainty, in the sense that a first-difference rule taken from the policy … rules are less robust to model uncertainty: rules with additional parameters can be fine-tuned to the dynamics of a …