Neely, Christopher J. (contributor) - 2005 - rev.
uaXArrI
,11,,
+−++= δδ 0>
t
I
where X
t
is a vector of all explanatory variables—lags of endogenous variables, the macro …, X
t
includes the macro announcement but the
corresponding element of A
1
equals zero …
uaXArrI
,11,,
+−++= δδ 0>
t
I
where X
t
is a vector of all explanatory variables, excluding the constant. The element of A
1 …