Equilibrium model for the euro area. The Bayesian estimation gives a measure of the uncertainty on the parameters, from which we … can derive the uncertainty of the responses to standard shocks. As an illustration, we simulate the effects of a fiscal …

. I find that when real unit labor cost is used as a monetary policy indicator, the potential output uncertainty has …

, ultimate lenders and financial intermediaries. The model is used to investigate the impact of uncertainty about the likelihood … between risk and uncertainty is implemented by applying the Gilboa-Schmeidler (1989) maxmin with multiple priors framework to … analysis include: (i) An unanticipated increase in bailout uncertainty raises interest rates, the volume of defaults in both …

.S. economy where the policymaker faces uncertainty about model parameters. Uncertainty about parameters describing preferences … and technology implies not only uncertainty about the dynamics of the economy. It also implies uncertainty about the model … characteristics and performance of alternative monetary policy rules given the estimated uncertainty regarding parameter estimates. We …

Austrian Ultimatum, which in retrospect insured the imminent start of a protracted, pan-European war. Signs of uncertainty … disasters and related uncertainty shocks. The analysis demonstrates that, following a four-and-a-half-month closure, the NYSE …