This paper studies the effect of individual uncertainty on collective decision-making to implement innovation. We show … voting decisions. Thus, risk neutral individuals exhibit what we call political risk aversion. Yet individual uncertainty is …

explores how much of these large movements reflected shifts in (i) global risk aversion (ii) country-specific risks, directly … in the crisis, the surge in global risk aversion was a significant factor influencing sovereign spreads, while recently … Spain, as the emphasis has shifted towards short-term refinancing risk and long-term fiscal sustainability. The paper …

This paper surveys decision-making roles of governing bodies of central banks that have formally adopted inflation … internal policy decision-making processes. Internal governance practices differ considerably with regard to the roles and inter …

uncertainty extended to the case of a recursive utility function which disentangles risk aversion from intertemporal elasticity of …. The total welfare cost of volatility increases with both the risk aversion and the intertemporal elasticity of …

examines one particular channel at work: the supply of credit. It presents a model in which a bank, even if managed by risk …

and real shocks, and the credibility component depends on the mean and risk of real asset returns. Thus, observed booms …

time-varying risk. Some work by Abel provided us with the insights needed to produce such formulas. This paper gives a …