Castelnuovo, Efrem - Dipartimento di Scienze Economiche "Marco Fanno", … - 2012
A new-Keynesian DSGE model in which contractionary monetary policy shocks generate recessions is estimated with U … policy shocks are identified via sign restrictions. Our VAR impulse responses replicate UhligÕs (2005, Journal of Monetary ….S. data. It is then used in a Monte Carlo exercise to generate artificial data with which VARs are estimated. VAR monetary …