and that alternative estimation methods are not required in typical applications. Finally, we demonstrate that the …

risk aversion and that decisions are insensitive (robust) to the precise assignment of prior probabilities. This holds …

effectiveness may moderate in graying societies. It then uses Bayesian estimation techniques for the U.S., Canada, Japan, U.K., and …

functions. We also derive joint credible regions for vectors of impulse responses as the lowest posterior risk region under the … not a valid measure of the estimation uncertainty about the impulse response vector because they ignore the mutual … dependence of the responses. In practice, they tend to understate substantially the estimation uncertainty about the impulse …