studies conducted in 11 countries to explore liquidity risk transmission. Among the main results is, first, that explanatory … power of the empirical model is higher for domestic lending than for international lending. Second, how liquidity risk … management across global banks can be important for liquidity risk transmission into lending. Fourth, there is substantial …

We develop a measure of static misallocation that separates uncertainty from misallocation generated by tax …-like distortions. In the Finnish firm-level data, uncertainty accounts for the majority of ex post misallocation and explains a strong … implies idiosyncratic distortions, in line with our accounting approach. According to our quantitative results, uncertainty …

robust model for small amounts of uncertainty and analyze the effect of robustness on optimal trading strategies and … liquidation costs. In particular, in our model ambiguity aversion is observationally equivalent to increased risk aversion. This …

that a shift to a high-uncertainty regime incentivizes firms to invest in their ability to adjust prices. We formalize this … uncertainty, firms set prices more flexibly. This improves their resilience, reducing exit and output losses in response to … negative supply shocks. Uncertainty regarding monetary policy has similar effects. We show that higher monetary policy …

estimates of survey-consistent term structures of expectations and uncertainty at arbitrary forecast horizons. Our models … comparable in quality to the published, widely used short-horizon forecasts. Our estimates of time-varying forecast uncertainty …