time-varying risk. Some work by Abel provided us with the insights needed to produce such formulas. This paper gives a …

The paper considers gains from international economic policy coordination when there is uncertainty concerning the … functioning of the world economy, but also learning about the “true” model on the part of policymakers. The paper reports … uncoordinated) may produce large welfare losses in the absence of learning, if policymakers believe in the wrong model; hence …

This paper develops a public education scheme that takes uncertainty aspects of private educational investments … returns of investments in education. The consideration of uncertainty provides a neglected link between educational choice …

past gains and losses on investors'' risk aversion. We first present a simple model on how heterogeneous changes in … investors'' risk aversion affect portfolio decisions and stock prices. Second, we empirically show that, when funds'' returns …

number of lower income countries being particularly at risk. Macroeconomic policies in these countries will need to be …

change and (later) benefits, pervasive uncertainties and irreversibilities (including risk of catastrophe), and sharp …

assess the interest rate risk carried by a sample of Indian banks in March 2002. We find evidence of substantial exposure to …