Stocks with high uncertainty about risk, as measured by the volatility of volatility (vol-of-vol), robustly … underperform stocks with low uncertainty about risk by 10 percent per year. This vol-of-vol effect is distinct from (combinations … that uncertainty about risk is highly relevant for stock prices …

chapter provides an overview of our ongoing work. The starting point is the Knightian distinction between risk and uncertainty …. In our view, traditional contracting techniques and traditional contract law address problems of risk. Braiding, or … contracting for innovation, addresses conditions of uncertainty. We illustrate the relevance of this distinction by describing the …

Recent studies show that uncertainty shocks have quantitatively important effects on the real economy. This paper … examines one particular channel at work: the supply of credit. It presents a model in which a bank, even if managed by risk …-neutral shareholders and subject to limited liability, can exhibit self-insurance, and thus loan supply contracts when uncertainty …

systemic risk in terms of coupled networks.Systemic risk to financial markets is often defined as the risk of a major and rapid … different class of risk agents in the market face, distinct from more conventional kinds of primary and secondary risks due to a …

impact upon international risk sharing. The empirical literature so far has only investigated on one aspect of globalization … standard framework of consumption insurance tests to gauge the extent of risk sharing among countries, we obtain some … interesting results. One of the main findings is that economic and social integration help better cope with idiosyncratic risk …

We quantify and study state-level economic policy uncertainty. Tapping digital archives for nearly 3,500 local … newspapers, we construct three monthly indexes for each state: one that captures state and local sources of policy uncertainty … uncertainty much more than the average election. The COVID-19 pandemic drove huge increases in policy uncertainty and unemployment …

study on the bases of multidisciplinary approach investigates the necessity of using the concept “institutional uncertainty …” in economic and social researching, proves that the institutional uncertainty exists as a result of imperfect knowledge … of economic agents rooting in economic agents' mentality. The institutional uncertainty is an obligatory attribute of …

study on the bases of multidisciplinary approach investigates the necessity of using the concept “institutional uncertainty …” in economic and social researching, proves that the institutional uncertainty exists as a result of imperfect knowledge … of economic agents rooting in economic agents' mentality. The institutional uncertainty is an obligatory attribute of …

study on the bases of multidisciplinary approach investigates the necessity of using the concept “institutional uncertainty …” in economic and social researching, proves that the institutional uncertainty exists as a result of imperfect knowledge … of economic agents rooting in economic agents' mentality. The institutional uncertainty is an obligatory attribute of …

forecasting accuracy significantly. Higher uncertainty is found to increase the leverage and macro effects from credit and … commodity markets on stock market realized volatility. Specifically, Economic Policy Uncertainty is shown to be one of the main …