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Persistent link: https://www.econbiz.de/10000463578
"This paper develops a new and easily implementable necessary and sufficient condition for the exact identification of a Markov-switching structural vector autoregression (SVAR) model. The theorem applies to models with both linear and some nonlinear restrictions on the structural parameters. We...
Persistent link: https://www.econbiz.de/10003227207
Persistent link: https://www.econbiz.de/10001637434
This paper brings together identification and forecasting in a positive econometric analysis of policy. We contend that a broad range of important policy questions is consistent with the existing policy process and is not subject to Lucas's critique. We analyze the economics of "business as...
Persistent link: https://www.econbiz.de/10005721725