appropriate robustness result requires perturbing economies uniformly over the space of endowments for which the result is … obtained. In this paper, we examine the robustness of the uniqueness of Walrasian endowment economies with Cobb-Douglas utility … functions under this interpretation of robustness. Namely, we prove that for economies described by Cobb-Douglas utilities and …

beliefs on an arbitrary space of uncertainty. It is proved that for any rationalizable action a¡ for the type t¡, if a …

For repeated games with noisy private monitoring and communication, we examine robustness of perfect public equilibrium … a uniform folk theorem with public monitoring which, combined with our robustness result, yields a new folk theorem for …

We study the effects of changes in uncertainty about future fiscal policy on aggregate economic activity. Fiscal … consolidation inevitable, there is considerable uncertainty about the policy mix and timing of such budgetary adjustment. To … evaluate the consequences of this increased uncertainty, we first estimate tax and spending processes for the U.S. that allow …

become pessimistic about future monetary policy, the disanchoring of inflation expectations occurs, and uncertainty rises …

This paper develops methods to study the evolution of agents’ expectations and uncertainty in general equilibrium … regimes that are characterized by the degree of agents' pessimism, optimism, and uncertainty about future equilibrium outcomes … characterization of uncertainty. Shocks to beliefs are shown to have both first-order and second-order effects. To illustrate how to …

This paper develops methods to study the evolution of agents’ expectations and uncertainty in general equilibrium … regimes that are characterized by the degree of agents. pessimism, optimism, and uncertainty about future equilibrium outcomes … characterization of uncertainty. Shocks to beliefs are shown to have both .rst-order and second-order effects. To illustrate how to …