Emergency Preparation and Uncertainty Persistence

The author thanks Ricardo Reis, Michael Woodford, Larry Glosten, and Jose Scheinkman for invaluable guidance, assistance, and advice; Adrian Buss, Nick Bloom, Patrick Bolton, Pedro Bordalo, Andrew Caplin, Chris Hansman, Victoria Ivashina, Rajkamal Iyer, Marcin Kacperczyk, Paymon Khorrami, Filip Matejka, Kristoffer Nimark, Elise Payzan-Lenestour, Joel Peress, Ansgar Walther, Stijn van Nieuwerburgh, and Laura Veldkamp for discussions and comments that helped shape the content of this work; seminar and conference participants at Sloan-NOMIS, Stanford Institute for Theoretical Economics, Columbia, Emory, Imperial, University of British Columbia, University of California Davis, Northwestern Kellogg, London Business School, Johns Hopkins Carey, the Federal Reserve Board, and Society for Financial Studies Cavalcade as well as Alex Chinco (discussant), Centre for Economic Policy Research, and David Schreindorfer (discussant); and an anonymous associate editor and two referees. All remaining errors are the author’s own.