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 …

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 …

Measuring economic uncertainty is crucial for understanding investment decisions by individuals and firms …. Macroeconomists increasingly rely on survey data on subjective expectations. An innovative approach to measure aggregate uncertainty … uncertainty. The results provide evidence for the existence of considerable heterogeneity in individuals' response behavior and …

I propose a Bayesian quantile VAR to identify and assess the impact of uncertainty and certainty shocks, unifying Bloom …'s (2009) two identification steps into one. I find that an uncertainty shock widens the conditional distribution of future … real economic activity growth, in line with a risk shock. Conversely, a certainty shock (a shock strongly decreasing …

Previous work suggests a general uncertainty surrounding the migration process acts as a barrier to outmigration. In … this paper, we argue that this barrier is exacerbated when relative economic policy uncertainty is higher in the target … migration from 12 European countries between 1997 and 2012 and test the premise that a higher relative uncertainty in the origin …

that climate policy uncertainty (CPU) shocks (i) lower the market value of the highly carbon-emitting sector relative to … the data, we employ a news article-based measure of climate policy uncertainty to identify CPU shocks as well as quarterly …

The uncertainty of U.S. core inflation, measured by the stochastic volatility of forecast errors, has soared to a level … increase after a positive shock to core inflation uncertainty in a vector autoregression. Endogenous changes in household … inflation expectations help to understand the transmission mechanism through which an inflation uncertainty shock generates …