price model of the business cycle. To motivate a role for risk sharing behavior, I construct a quantitative equilibrium … persistent real effects of a monetary shock. Introducing partial insurance, however, bolsters the amount of endogenous wage …

Financial Crisis was associated with an increase in both risk aversion and ambiguity aversion, while the Dot-com Crisis only … affected risk aversion. …

experiences a shock forcing it to start learning afresh. Firms differ in their information; more informed firms have lower … posterior variances in beliefs. An uncertainty shock is a rise in the probability that any given firm will lose its information … a prolonged recession followed by anemic recovery in response to an uncertainty shock. When confronted with a rise in …