What’s in a u ?

Diverse Private Expectations

IMES DISCUSSION

Risk-Averse Welfare Maximization via Marginal Treatment Effects

This paper studies risk-averse treatment allocation when individuals self-select into treatment based on unobserved characteristics. We develop a framework that combines the marginal treatment effect approach to endogenous selection with a general class of coherent risk measures that capture distributional preferences...

The International Diversi fi cation Puzzle Is Not as Bad as You Think

Federal Reserve Bank of New York Staff Reports The Tobin Effect and the Friedman Rule

FOMC Announcements and Household Expectations

We study the impact of the Federal Reserve's monetary policy announcements on household expectations by comparing responses to the Survey of Consumer Expectations before and after Federal Open Market Committee meetings, over the period 2013–2019. We find that Fed decisions strongly affect expectations of interest rat...