advanced and emerging economies to show which of these structural variables are significant in explaining not only differences … pass-through over time can be as large as that of structural variables, and even larger for some countries. As a result …

causes a real exchange rate depreciation that partially absorbs the demand shock. (ii) A VAR with an identified demand shock … appreciates in response to an asymmetric negative demand shock at the zero lower bound (ZLB) and exacerbates the adverse … at the ZLB. In sharp contrast to the full information model: (i) A negative demand shock concentrated in the home country …

idiosyncratic shocks. Even when prices are flexible and inflation can costlessly act as a shock absorber to restore fiscal …

capture the evolving communication strategy of the Fed, I allow the learning rule and the structural shock variances to change …

VAR model. It is based on nowcast errors regarding current output growth, that is, the difference between actual growth … and the real-time prediction of professional forecasters. We find that optimism shocks - in line with theory - generate a …

sector appears to fit the data only marginally better than the one which is based on a structural dynamic pricing equation …

We assess the transmission of monetary policy shocks on oil prices using a VAR model. We identify monetary policy and … policy ; financial activity ; VAR model ; sign restrictions …