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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 …
Persistent link: https://www.econbiz.de/10010397712
theory consistency in the monetary policy responses than what has previously been reported in the literature. …
Persistent link: https://www.econbiz.de/10012143695
zero restrictions they use to identify an anticipated government revenue shock. …
Persistent link: https://www.econbiz.de/10012143826
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 …
Persistent link: https://www.econbiz.de/10010397645
We analyze several identification frameworks based on operating procedures to measure monetary policy in a small open economy. We use a two-stage non-recursive VAR model to identify monetary shocks. We construct then various overall monetary policy indicators based on different residuals...
Persistent link: https://www.econbiz.de/10011430022
theory are robust across the approaches. Several versions of the productions function approach and structural VAR models are …
Persistent link: https://www.econbiz.de/10010321718
inflation/unemployment responses to money growth shocks. SVAR (structural vector autoregression) and GMM (generalised method of …
Persistent link: https://www.econbiz.de/10010280760
two technology shocks in the human capital model is greater than the Hicks-neutral shock in the RBC model in the medium …
Persistent link: https://www.econbiz.de/10014207350
.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 …
Persistent link: https://www.econbiz.de/10013370102
: 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 …
Persistent link: https://www.econbiz.de/10013370115