. Unexpected arrivals elevate extreme-weather risk, which leads households and firms to adapt and thereby lowering the damage of … each subsequent arrival. Our approach provides country-specific estimates of disaster risk as extreme-weather events unfold … becomes significantly more valuable in the long run as the uncertainty regarding extreme weather is resolved …

Uncertainty is a ubiquitous concern emphasized by policymakers. We study how uncertainty affects decision-making by the … Federal Open Market Committee (FOMC). We distinguish between the notion of Fed-managed uncertainty vis-a-vis uncertainty that …-managed uncertainty introduces a wedge between the standard Taylor-type policy rule and the optimal decision. Using private Fed …

In this paper we study the neoclassical growth model with idiosyncratic income risk and aggregate risk in which risk … pay off depending on both idiosyncratic and aggregate risk, but limited commitment rules out that households sell these … conditions under which it has lower/higher risk premia than the corresponding representative agent version of the model …

that higher demand uncertainty lowers capacity utilization, especially for high-markup firms. We test these predictions … using data that contain firm-specific, forward-looking measures of uncertainty. Firms in the top of the uncertainty …

of location-specific property risk data, home buyers can greatly benefit from acquiring knowledge about these risks. To … providing home-specific flood risk information on the behavior of home buyers in terms of their search, bidding, and purchasing … decisions. Redfin randomly assigned 17.5 million users to receive information detailing the flood risk associated with the …

Previous work shows that the growth rate of industrial production is a common macroeconomic risk factor in the cross …

A key criticism of the existing empirical literature on the risk-return relation relates to the relatively small amount …, measures of conditional mean and conditional volatility--and ultimately the risk-return relation itself--will be misspecified … that three new factors, a "volatility," "risk premium," and "real" factor, contain important information about one …

We characterize and measure a long-run risk return tradeoff for the valuation of financial cash flows that are exposed … inputs from vector autoregressions to quantify this relationship; and we study the long-run risk differences in aggregate …