of imperfect information and derive restrictions for identifying the noise shock in a VAR model. The novelty of our …

find that (i) the US economy is well described by a number of structural shocks between two and five. Focusing on the four-shock …

"non-fundamentalness" and therefore fail to recover the correct shock and impulse response functions; (ii) news shocks have … neoclassical theory; (iv) a substantial fraction of business cycle uctuations are explained by shocks unrelated to technology …