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pessimism, optimism, and uncertainty that turn out to critically affect macroeconomic outcomes. Agents in the model are fully … beliefs and allows for an analytical characterization of uncertainty. Shocks to beliefs affect economic dynamics and … uncertainty. We use a prototypical Real Business Cycle to illustrate the methods. …
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scientific uncertainty about the effects of increased greenhouse gas concentrations on climate. Criticisms of this controversial …
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This paper deals with three aspects of spectacular oil price episodes such as the one witnessed in 2008. First, the concept of temporary explosiveness is proposed as an empirical method for capturing this type of behavior. The application of a recently proposed recursive unit root test shows...
Persistent link: https://www.econbiz.de/10009786017
under conditions of severe uncertainty. Through the correction of the traditional definition of stakeholders I found the …
Persistent link: https://www.econbiz.de/10009786389