explaining the consumption path after a Marginal Efficiency of Investment shock. We use an otherwise standard medium-scale New …

This paper presents a dynamic theory of housing market fluctuations. It develops a life-cycle model where households …

financial volatility. Uncertainty shocks hitting in recessions are found to trigger a more abrupt drop and a faster recovery in …

production volatility, significantly increases the responsiveness of oil prices to oil shocks. This implies a lower price … volatility. Also the impact of oil shocks on economic activity appears to be significantly stronger in uncertain times …

financial institutions in the transmission of credit and technology shocks to the real economy. A positive credit shock, defined … between loan and deposit rates. The effects of the credit shock tend to be highly persistent even without price rigidities and …

firms can observe each other's decisions, they are able to increase the accuracy of their actions. While reducing volatility … at the individual level, social learning may lead to an increase in volatility at the aggregate level depending on the … network topology. Moreover, if the network is very asymmetric, aggregate volatility does not decay as predicted by the law of …

probability of macroeconomic catastrophes à la Barro (2006), and to the case of an uncertain trend or volatility of growth à la …