The authors examine the issue of lag-length selection in the context of a structural vector autoregression (VAR) and a vector error-correction model with long-run restrictions. First, they show that imposing long- run restrictions implies, in general, a moving-average (MA) component in the...

In this paper the authors show how potential output can be estimated and projected through an approach derived from the structural vector autoregression methodology. This approach is applied to the Mexican economy. To identify demand, supply and world oil shocks, the authors assume that demand...

Dans la presente etude, les auteurs tentent de verifier si le principal avantage du taux de change flexible entre le Canada et les Etats-Unis, qui est de permettre un ajustement rapide du taux de change reel apres un choc asymetrique, se manifeste autant sur le plan regional que sur le plan...

The authors examine the optimality of the European Monetary Union (EMU) by estimating the degree of asymmetry in shocks affecting thirteen European countries and comparing the results to those obtained for nine U.S. regions. First, they identify supply shocks and real and nominal demand shocks...