Agreed and disagreed uncertainty
When agents’ information is imperfect and dispersed, existing measures of macroeconomic uncertainty based on the forecast error variance have two distinct drivers: the variance of the economic shock and the variance of the information dispersion. The former driver increases uncertainty and reduces a...
| Main Authors: | , , , |
|---|---|
| Format: | Working paper |
| Language: | English |
| Published: |
University of Oxford
2023
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