Premium for Heightened Uncertainty: Solving the FOMC Puzzle
NBER Working Paper No. 25817
---- Acknowledgments ----
We are grateful to David Lucca, Jessica Wachter, Zhanhui Chen, Brad Barber, Ian Martin, Ricardo Caballero, and Darrell Duffie for valuable discussions. We also thank comments from seminar participants at the 2019 NBER Asset Pricing Program Spring Meeting, the 2019 ABFER Annual Meeting, PBC School of Finance at Tsinghua University, Shanghai Advanced Institute of Finance at Shanghai Jiao Tong University, Guanghua School of Management at Peking University, Chinese University of Hong Kong, Cheung Kong Graduate School of Business, and Southern Methodist University. We thank Meiling Chen and Zhe Geng for research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.