Employee Profile

Ivan Alfaro

Lecturer - Department of Finance

Image of Ivan Alfaro

Publications

Alfaro, Iván; Bloom, Nicholas & Lin, Xiaoji (2023)

The Finance Uncertainty Multiplier

132(2) , s. 577- 615. Doi: https://doi.org/10.1086/726230 - Full text in research archive

We show how real and financial frictions amplify, prolong and propagate thenegative impact of uncertainty shocks. We first use a novel instrumentation strategy toaddress endogeneity in estimating the impact of uncertainty by exploiting differentialfirm exposure to exchange rate, policy, and energy price volatility in a panel of USfirms. Using common proxies for financial constraints we show that ex-ante financiallyconstrained firms cut their investment even more than unconstrained firms following anuncertainty shock. We then build a general equilibrium heterogeneous firms model withreal and financial frictions, finding financial frictions: i)amplifyuncertainty shocks bydoubling their impact on output; ii) increasepersistenceby extending the duration ofthe drop by 50%; and iii)propagateuncertainty shocks by spreading their impact ontofinancial variables. These results highlight why in periods of greater financial frictionsuncertainty can be particularly damaging.

Alfaro, Iván & Park, Hoonsuk (2020)

Firm Uncertainty and Household Spending

[Conference Lecture]. Event

Alfaro, Iván & Park, Hoonsuk (2020)

Firm Uncertainty and Household Spending

[Conference Lecture]. Event

Alfaro, Iván; Lin, Xiaoji & Bloom, Nicholas (2020)

The Finance Uncertainty Multiplier

[Conference Lecture]. Event

Alfaro, Iván & Park, Hoonsuk (2020)

Firm Uncertainty and Household Spending

[Conference Lecture]. Event

Alfaro, Iván & Park, Hoonsuk (2020)

Firm Uncertainty and Household Spending

[Conference Lecture]. Event

Alfaro, Iván & Park, Hoonsuk (2020)

Firm Uncertainty and Household Spending

[Conference Lecture]. Event

Alfaro, Iván & Park, Hoonsuk (2020)

Firm Uncertainty and Household Spending

[Conference Lecture]. Event

Alfaro, Iván; Bloom, Nicholas & Lin, Xiaoji (2019)

The Finance Uncertainty Multiplier

[Conference Lecture]. Event

Alfaro, Iván; Bloom, Nicholas & Lin, Xiaoji (2019)

The Finance Uncertainty Multiplier

[Conference Lecture]. Event

Alfaro, Iván; Bloom, Nicholas & Lin, Xiaoji (2019)

The Finance Uncertainty Multiplier

[Conference Lecture]. Event

Alfaro, Iván & Park, Hoonsuk (2019)

Firm Uncertainty and Household Spending

[Conference Lecture]. Event

Alfaro, Iván & Park, Hoonsuk (2019)

Firm Uncertainty and Household Spending

[Conference Lecture]. Event

Alfaro, Iván & Park, Hoonsuk (2019)

Firm Uncertainty and Household Spending

[Conference Lecture]. Event

Alfaro, Iván; Bloom, Nicholas & Lin, Xiaoji (2019)

The Finance Uncertainty Multiplier

[Conference Lecture]. Event

Alfaro, Iván & Park, Hoonsuk (2019)

Firm Uncertainty and Household Spending

[Conference Lecture]. Event

Alfaro, Iván; Bloom, Nicholas & Lin, Xiaoji (2019)

The Finance Uncertainty Multiplier

[Conference Lecture]. Event

Alfaro, Iván & Park, Hoonsuk (2019)

Firm Uncertainty and Household Spending

[Conference Lecture]. Event

Alfaro, Iván; Bloom, Nicholas & Lin, Xiaoji (2019)

The Finance Uncertainty Multiplier

[Conference Lecture]. Event

Alfaro, Iván & Park, Hoonsuk (2019)

Firm Uncertainty and Household Spending

[Conference Lecture]. Event

Alfaro, Iván; Lin, Xiaoji & Bloom, Nicholas (2018)

The Finance Uncertainty Multiplier

[Conference Lecture]. Event

Alfaro, Iván; Bloom, Nicholas & Lin, Xiaoji (2018)

The Finance Uncertainty Multiplier

[Conference Lecture]. Event

Alfaro, Iván; Lin, Xiaoji & Bloom, Nicholas (2018)

The Finance Uncertainty Multiplier

[Conference Lecture]. Event

Alfaro, Iván; Lin, Xiaoji & Bloom, Nicholas (2018)

The Finance Uncertainty Multiplier

[Conference Lecture]. Event

Alfaro, Iván; Bloom, Nicholas & Lin, Xiaoji (2017)

The Finance Uncertainty Multiplier

[Conference Lecture]. Event

Alfaro, Iván; Bloom, Nicholas & Lin, Xiaoji (2017)

The Finance Uncertainty Multiplier

[Conference Lecture]. Event

Alfaro, Iván; Bloom, Nicholas & Lin, Xiaoji (2017)

The Finance Uncertainty Multiplier

[Conference Lecture]. Event

Alfaro, Iván; Bloom, Nicholas & Lin, Xiaoji (2017)

The Finance Uncertainty Multiplier

[Conference Lecture]. Event

Alfaro, Iván; Bloom, Nicholas & Lin, Xiaoji (2017)

The Finance Uncertainty Multiplier

[Conference Lecture]. Event

Alfaro, Iván; Bloom, Nicholas & Lin, Xiaoji (2017)

The Finance Uncertainty Multiplier

[Conference Lecture]. Event

Alfaro, Iván; Bloom, Nicholas & Lin, Xiaoji (2016)

The Finance Uncertainty Multiplier

[Conference Lecture]. Event

Alfaro, Iván; Bloom, Nicholas & Lin, Xiaoji (2016)

The Finance Uncertainty Multiplier

[Conference Lecture]. Event

Alfaro, Iván; Bloom, Nicholas & Lin, Xiaoji (2016)

The Finance Uncertainty Multiplier

[Conference Lecture]. Event

Alfaro, Iván; Bloom, Nicholas & Lin, Xiaoji (2016)

The Finance Uncertainty Multiplier

[Conference Lecture]. Event

Academic Degrees
Year Academic Department Degree
2017 The Ohio State University, Fisher College of Business PhD
2007 INCAE Business School Master of Business Administration
2005 Galileo University B.S.
Work Experience
Year Employer Job Title
2017 - Present BI Norwegian Business School Assistant professor