Uncertainty is bad for Business. Really?

Francisco Serranito, Nicolas Himounet and Julien Vauday

Working Papers from HAL

Abstract: A growing empirical literature on how to measure uncertainty has emerged following the 2007-2008 financial crisis. We investigate the impact of uncertainty shocks according to their nature, applying local projection methods in a nonlinear framework. More precisely, we investigate the impact of uncertainty shocks according to their nature (nonfinancial and financial) in different regimes of general uncertainty: high, moderate and low. We get a positive and significant effect of the nonfinancial uncertainty shocks when the general level of uncertainty is high or moderate.

Keywords: Uncertainty; local projection methods; economic activity; nonlinear econometrics (search for similar items in EconPapers)
Date: 2023
Note: View the original document on HAL open archive server: https://hal.science/hal-04219283
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Working Paper: Uncertainty is bad for Business. Really? (2023)
Working Paper: Uncertainty is bad for Business. Really? (2021)
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