Uncertainty as Commitment

We thank Mark Aguiar, Marco Bassetto, Philip Bond, V.V. Chari, Hal Cole, Emmanuel Farhi, Mike Golosov, Gary Gorton, Oleg Itskhoki, Bob King, Nobu Kiyotaki, Svetlana Pevnitskaya, Richard Rogerson, Esteban Rossi-Hansberg, Alp Simsek, Jean Tirole, Jonathan Vogel and Warren Weber for helpful comments, as well as seminar participants at Boston College, Boston University, Chicago Fed, Columbia, Florida State University, Harvard, National Bank of Poland, Minneapolis Fed, Notre Dame, Penn State, Princeton, St. Louis Fed, Toulouse School of Economics, University of Pennsylvania, Wharton, the Roma Macro Junior Conference at the EIEF, the SED 2012 Annual Meetings in Cyprus and the LAEF Conference at Santa Barbara. The usual waiver of responsibilities applies. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.