This paper explores forward-looking ambiguity (Knightian uncertainty) in a model with
homogeneous workers and credit-constrained heterogeneous entrepreneurs. Agents are …

We characterize how forecasters form expectations when they cannot perfectly distinguish
between trends and cycles. This model is motivated by a set of findings from the Survey of …

This work examines two economies that are identical except for their interpretation of a
transitory shock in inequality, eventually affecting the aggregate Total Factor Productivity …

Financial technology innovation is blamed for volatility, illiquidity, and inefficiency (see Ben-
David, Franzoni, and Moussawi (2018), Zhang (2006)). The advancement of information …

This paper proposes a``self-adjoint method''to interpret the surveyed expectations about
macroeconomic indicators. This method provides a set of statistics that can only be …

Challenging it is for uninformed traders entering the market to accurately assess the extent
to which prices incorporate information from informed traders. We revisit the issue of …

This paper investigates how market participants learn from equilibrium prices under
Knightian uncertainty or ambiguity, following the framework proposed by Vives (2014) …

Following the framework proposed by Vives (2014), we reconsidered the problem of
learning from equilibrium prices under Knightian uncertainty or ambiguity. Specifically, we …

Following the framework proposed by Vives (2014), we reconsidered the problem of
learning from equilibrium prices under Knightian uncertainty or ambiguity. Specifically, we …