autoregressions (SVAR) identified with sign and zero restrictions and the answers have been positive and definite in both cases … of these techniques does not respect the agnosticism of the theory. These algorithms impose additional sign restrictions … agnosticism of the theory. Without the additional restrictions, it is hard to support the claim that either optimism shocks are an …

theory consistency in the monetary policy responses than what has previously been reported in the literature. …

zero restrictions they use to identify an anticipated government revenue shock. …

Markov-switching structural vector autoregression (SVAR) model. The theorem applies to models with both linear and some … restricted to only time-varying shock variances dominate the other models. We find a persistent post-1993 regime that is …

theory are robust across the approaches. Several versions of the productions function approach and structural VAR models are …

inflation/unemployment responses to money growth shocks. SVAR (structural vector autoregression) and GMM (generalised method of …

two technology shocks in the human capital model is greater than the Hicks-neutral shock in the RBC model in the medium …

.S. output shock as it does to a corresponding euro area shock. The pivotal role of the U.S.A. in shaping the global business …

: Domestic and international responses of total credit and output to an adverse loan supply shock are substantial. They are more … pronounced than the responses to an aggregate demand shock. Under both types of shocks, total credit decreases considerably more … credit and output responses are stronger than in the country of shock origin. This is true for both types of structural …