Multiple prior decision models—in which beliefs are represented by a set of probability measures rather than a single measure, generating a probability interval for each event—have become increasingly …
PublishedClassicReview of International EconomicsOnline 23 Jan 2021Published May 2021
Economic policy uncertainty depresses growth in output, consumption and investment -- and about two-thirds of that effect comes from uncertainty originating in other countries rather than at home. …
PublishedJournal of Monetary EconomicsOnline 1 Apr 2026Published Apr 2026
This paper quantifies how idiosyncratic firm-level risk affects aggregate output, TFP, and firm life-cycle growth in an environment where firm productivity evolves endogenously through risky …