inertia and adjustment costs, which penalize a swift transition away from fossil fuels, and (ii) climate uncertainty that, for … carbon budget is learned later in the century. The paper highlights how climate uncertainty and adjustment costs combined …

This study investigates the impact of economic policy uncertainty (EPU) on macro price divergence in China. We use the … reduce the adverse effects of EPU shocks by increasing policy transparency, thereby mitigating macro price volatility. …

Earnings uncertainty is central to most heterogeneous-household models. Yet, there is surprisingly little evidence on … how subjective uncertainty is related to consumption behavior. Using unique data from the Survey of Consumer Expectations … uncertainty. In the workhorse consumption–savings model, augmented with risk heterogeneity, MPCs decline with earnings uncertainty …