| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w24571 |
| 来源ID | Working Paper 24571 |
| The Finance Uncertainty Multiplier | |
| Iván Alfaro; Nicholas Bloom; Xiaoji Lin | |
| 发表日期 | 2018-05-07 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | We show how real and financial frictions amplify the impact of uncertainty shocks. We build a model with real frictions, and find adding financial frictions roughly doubles the impact of uncertainty shocks. Higher uncertainty alongside financial frictions induces the standard real-options effects on investment and hiring, but also leads firms to hoard cash, further reducing investment and hiring. We then test the model using a panel of US firms and a novel instrumentation strategy for uncertainty exploiting differential firm exposure to exchange rate and price volatility. These results highlight why in periods with greater financial frictions uncertainty can be particularly damaging. |
| 主题 | Macroeconomics ; Financial Economics |
| URL | https://www.nber.org/papers/w24571 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/582244 |
| 推荐引用方式 GB/T 7714 | Iván Alfaro,Nicholas Bloom,Xiaoji Lin. The Finance Uncertainty Multiplier. 2018. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w24571.pdf（1209KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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