for the future (global savings glut). Low growth is linked to slowing population growth and a declining marginal …, from the perspective of Austrian business cycle theory, interest rates were step by step decreased by central banks to … nihilo and the need of time to produce capital invalidates the IS identity assumed in the Keynesian theory to hold …

The argument that policy risk, i.e., uncertainty about monetary and fiscal policy, has been holding back the economic … recovery in the U.S. during the Great Recession has a large popular appeal. We analyze the role of policy risk in explaining … business cycle fluctuations by using an estimated New Keynesian model featuring policy risk as well as uncertainty about …

-Bernanke period only. Focusing on this period, the "risk-management" approach is found to be responsible for monetary policy easings …

-agents model with two main ingredients: i) rare disasters; ii) heterogeneous beliefs. The model captures time-varying risk premia … and precautionary savings in a setting that nests the textbook New Keynesian model. The model generates large movements in …