FES and ICEF joint webinar

On may 14, at 14: 00, the next joint webinar between FEN and ICEF was held, in which Alessia Paccanini from University College in Dublin spoke with the topic of the report: "The Asymmetric Effects of Uncertain Shocks (joint with Valentina Colombo)."

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Abstract: We investigate the effects of financial uncertainty shocks on macroeconomic aggregates in the United States. Financial uncertainty is captured by appealing to some indicators recently developed. Relying on a nonlinear VAR, we isolate the effects of uncertainty in both recessionary and expansionary periods. As the main findings, we report how uncertainty shocks have a negative macroeconomic impact across the business cycle. The asymmetric effects are persistent when we include the recent recession. To reduce the fall in macroeconomic variables, the "unconventional" monetary policy plays an important role.