Research Reflection: Navigating Uncertainty
Navigating Uncertainty March 11, 2022 Uncertainty is pervasive and impacts many economic decisions that participants in the macroeconomy frequently make. How should individuals and enterprises...
Hansen on Global Pandemic and Using Quantitative Models to Guide Policy Amid COVID-19
Professor Lars Peter Hansen recently published a working paper titled, "Using Quantitative Models to Guide Policy Amid COVID-19 Uncertainty," that looks at how economic models may help us better...
Reflection: Working Paper on Pricing Uncertainty Induced by Climate Change
I have repeatedly asked myself, “Why did you write this paper?” It is hard to dispute the social importance of environmental questions. As I, and others, have argued elsewhere, purely...
Reflection on MFR’s conference on Cryptocurrencies and Blockchains
The Macro Finance Research Program (MFR) co-hosted a conference on, “Cryptocurrencies and Blockchains” with conference architects Eric Budish, Zhiguo He, Jacob Leshno and Harald Uhlig. While the...
Hansen Reflects on the Beginnings of the Becker Friedman Institute for Research in Economics with retrospective essay
In this retrospective essay, Lars Peter Hansen reflects on the beginnings of the Becker Friedman Institute at the University of Chicago. Professor Hansen was the founding director of the Friedman...
Reflection on the 2018 MFM Summer Session for Young Scholars at Cape Cod, MA
On June 17- 21, 2018, we held our third summer camp for the Macro Financial Modeling (MFM) project at Wequassett Resort and Golf Club at Cape Cod, MA. We again attracted a high-quality and energetic...
Reflection on Recent Trip to Shanghai, China
I recently had the opportunity to return to Shanghai for a variety of interesting events. I had previously visited there in January of 2018. While previous visits provided me with some important new...
The Price of Macroeconomics Uncertainty with Tenuous Beliefs for the Non-Expert
Uncertainty comes in many forms both in the models economists build and analyze and in the real world. The models that we as economists build and analyze are highly stylized. These include...
Reflection on 11th Financial Risks International Forum in Paris – March 26-27, 2018
I was kindly invited to be a featured speaker at the 11th Financial Risks International Forum held at the Chambre de Commerce in Paris on March 26 & 27, 2018 located near the Arc de Triomphe. The...
Term Structure of Macroeconomic Uncertainty – Updated March, 2018
Dynamic economic models typically feature shocks or random impulses as a way to capture uncertainty. These impulses capture surprises or random outcomes, and economic variables respond over time...
New Working Paper on Macroeconomic Uncertainties
"The Price of Macroeconomic Uncertainty with Tenuous Beliefs" provides a formal modeling framework for the following approach to decision-making in the face of uncertainty. A decision maker has...