planning horizon using data from the 2002 through 2010 waves of Health and Retirement Study. Modigliani ratios were computed …

Using new employer-employee matched data, this paper investigates the impact of uncertainty, as measured by …. Increased firm-level uncertainty reduces total compensation, especially variable pay, and workers reduce their durable goods … county-level uncertainty shock, we find that local uncertainty shocks reduce county-level durable consumption. Taken together …

. We explain this finding with a stochastic real business cycle growth model in which higher uncertainty of expected income …

We examine the effects of parameter uncertainty and Bayesian learning on equilibrium asset prices when all the … a power utility function, low risk aversion, and absence of persistence in growth rates. Raising the prior uncertainty … greater risk-free rate volatility. But raising the prior uncertainty on dividend growth rates has ambiguous effects on the …