Collateral requirements play an important role in credit markets. This paper shows that the endowment effect …

considerations influence credit allocation in a politically mature system like the United States without the formal possibility of …

duration of the disasters. Uncertainty about the persistence of states can lead to seemingly pessimistic behavior in bad times … and optimistic behavior in good times. In a disaster, uncertainty about duration acts as an amplification mechanism … welfare cost of parameter uncertainty can be extreme. However, in advance of a disaster, uncertainty about the arrival rate …

We study the effects of uncertainty on time use and their macroeconomic implications. Employing data from the American … Time Use Survey and the Bureau of Labor Statistics, we document that heightened uncertainty increases housework and reduces …. However, it also reduces aggregate demand, ultimately amplifying uncertainty's recessionary impact. Time reallocation can lead …

others blow over. We demonstrate that what makes some bubbles more dangerous than others is credit. When fueled by credit … slower recoveries. Credit-financed housing price bubbles have emerged as a particularly dangerous phenomenon …