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Working Paper
News and Uncertainty about COVID-19: Survey Evidence and Short-Run Economic Impact
Kuester, Keith; Schoenle, Raphael; Dietrich, Alexander; Muller, Gernot J. (2021-12-22)
A tailor-made survey documents consumer perceptions of the U.S. economy’s response to a large shock: the advent of the COVID-19 pandemic. The survey ran at a daily frequency between March 2020 and July 2021. Consumer perceptions regarding output and inflation react rapidly. Uncertainty is pervasive. A business-cycle model calibrated to the consumer views provides an interpretation. The rise in household uncertainty amplifies the pandemic recession by a factor of three. Different perceptions about monetary policy can explain why consumers and professional forecasters agree on the ...
Working Papers , Paper 20-12R

Working Paper
Trade Uncertainty and U.S. Bank Lending
Minoiu, Camelia; Goldberg, Linda S.; Correa, Ricardo; di Giovanni, Julian (2024-10-18)
This paper uses U.S. credit register data and the 2018–19 Trade War to study the effects of uncertainty on domestic credit supply. Exploiting differences in banks' ex-ante exposure to trade uncertainty, we find that increased uncertainty is associated with a broad lending contraction across their customer firms. This result is consistent with banks responding to uncertainty with wait-and-see behaviors, where more exposed banks curtail risky exposures, reduce loan maturities, and adjust loan supply along both intensive and extensive margins. The lending contraction is larger for more ...
FRB Atlanta Working Paper , Paper 2024-16

Conference Paper
Monetary policy and uncertainty : adapting to a changing economy : general discussion : overview panel
Knight, Malcolm D. (2003)
Proceedings - Economic Policy Symposium - Jackson Hole

Working Paper
The Economic Effects of Firm-Level Uncertainty: Evidence Using Subjective Expectations
Fiori, Giuseppe; Scoccianti, Filippo (2021-06-28)
This paper uses over two decades of Italian survey data on business managers' expectations to measure subjective firm-level uncertainty and quantify its economic effects. We document that firm-level uncertainty persists for a few years and varies across firms' demographic characteristics. Uncertainty induces long-lasting economic effects over a broad array of real and financial variables. The source of uncertainty matters with firms responding only to downside uncertainty, that is, uncertainty about future adverse outcomes. Economy-wide uncertainty, constructed aggregating firm-level ...
International Finance Discussion Papers , Paper 1320

Working Paper
Uncertainty and sentiment-driven equilibria
Wen, Yi; Benhabib, Jess; Wang, Pengfei (2013)
We construct a model to capture the Keynesian idea that production and employment decisions are based on expectations of aggregate demand driven by sentiments and that realized demand follows from the production and employment decisions of firms. We cast the Keynesian idea into a simple model with imperfect information about aggregate demand and we characterize the rational expectations equilibria of this model. We find that the equilibrium is not unique despite the absence of any non-convexities or strategic complementarity in the model. In addition to multiple fundamental equilibria, there ...
Working Papers , Paper 2013-011

Working Paper
Microeconomic uncertainty, international trade, and aggregate fluctuations
Kaboski, Joseph P.; Alessandria, George; Choi, Horag; Midrigan, Virgiliu (2014-09-30)
The extent and direction of causation between micro volatility and business cycles are debated. We examine, empirically and theoretically, the source and effects of fluctuations in the dispersion of producer-level sales and production over the business cycle. On the theoretical side, we study the expect of exogenous first- and second-moment shocks to producer-level productivity in a two-country DSGE model with heterogeneous producers and an endogenous dynamic export participation decision. First-moment shocks cause endogenous fluctuations in producer-level dispersion by reallocating ...
Working Papers , Paper 14-30

Speech
Monetary policy under uncertainty
Bernanke, Ben S. (2007)
a speech at the 32nd Annual Economic Policy Conference, Federal Reserve Bank of St. Louis (via videoconference)
Speech , Paper 327

Working Paper
The Nonlinear Effects of Uncertainty Shocks
Owyang, Michael T.; Jackson, Laura E.; Kliesen, Kevin L. (2018-11-16)
We consider the effects of uncertainty shocks in a nonlinear VAR that allows uncertainty to have amplification effects. When uncertainty is relatively low, fluctuations in uncertainty have small, linear effects. In periods of high uncertainty, the effect of a further increase in uncertainty is magnified. We find that uncertainty shocks in this environment have a more pronounced effect on real economic variables. We also conduct counterfactual experiments to determine the channels through which uncertainty acts. Uncertainty propagates through both the household consumption channel and through ...
Working Papers , Paper 2018-035

Speech
Acknowledging Uncertainty, 10-07-2016; Shadow Open Market Committee Fall Meeting, New York, NY
Mester, Loretta J. (2016-10-07)
I would like to share my perspective as someone who has participated in some of those policy decisions. I will comment on how I approach monetary policymaking in an uncertain world, review the types of uncertainty policymakers and economists need to deal with, and provide some recommendations for improving monetary policy communications. Of course, the views I?ll present today are my own and not necessarily those of the Federal Reserve System or my colleagues on the Federal Open Market Committee.
Speech , Paper 77

Working Paper
News-driven uncertainty fluctuations
Song, Dongho; Tang, Jenny (2018-01-01)
We embed a news shock, a noisy indicator of the future state, in a two-state Markov-switching growth model. Our framework, combined with parameter learning, features rich history-dependent uncertainty dynamics. We show that bad news that arrives during a prolonged economic boom can trigger a ?Minsky moment??a sudden collapse in asset values. The effect is greatly amplified when agents have a preference for early resolution of uncertainty. We leverage survey recession probability forecasts to solve a sequential learning problem and estimate the full posterior distribution of model primitives. ...
Working Papers , Paper 18-3

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