This paper shows that macroeconomic uncertainty affects the housing market in two significant ways. First, uncertainty … fixed-effects regressions, we find that uncertainty shocks reduce both housing prices and median sales prices in the amount … sold. Second, when both uncertainty and local demand shocks are introduced, the effects of uncertainty on the housing …

We explore Knightian model uncertainty as an explanation for the observed excess persistence and attenuation in … types of uncertainty are identified: (i) unstructured model uncertainty captured in additive shock error processes that … result from omitted-variable misspecifications, and (ii) structured model uncertainty, where one or more parameters are …

We explore Knightian model uncertainty as an explanation for the observed excess persistence and attenuation in … types of uncertainty are identified: (i) unstructured model uncertainty captured in additive shock error processes that … result from omitted-variable misspecifications, and (ii) structured model uncertainty, where one or more parameters are …

This paper explores Knightian model uncertainty as a possible explanation of the considerable difference between … estimated interest rate rules and optimal feedback descriptions of monetary policy. We focus on two types of uncertainty: (i …) unstructured model uncertainty reflected in additive shock error processes that result from omitted-variable misspecifications, and …