This article applies cointegration techniques to estimate a monthly demand system for meat in Italy. In contrast to existing studies where Engle and Granger's two step procedure and Triangular Vector Error Correction Model (TVECM) representations are usually exploited, it applies a cointegrated...

This paper develops a dynamic modeling approach for the Almost Ideal Demand System, which is consistent with the rational addiction theory. The forward-looking hypothesis is combined with that of convex adjustment costs in the presence of non-stationary cointegrated variables. Estimation is...

This paper develops a dynamic modeling approach for the Almost Ideal Demand System, which is consistent with the rational addiction theory. The forward-looking hypothesis is combined with that of convex adjustment costs in the presence of non-stationary cointegrated variables. Estimation is...

We propose a novel robust test to assess whether an estimated new-Keynesian model is consistent with a unique stable solution, as opposed to multiple equilibria. Our strategy is designed to handle identification failures as well as the misspecification of the relevant propagation mechanisms. We...

A recent debate in the forecasting literature revolves around the inability of macroecono-metric models to improve on simple univariate predictors, since the onset of the so-called Great Moderation. This paper explores the consequences of equilibrium indeterminacy for quantitative forecasting...

We propose a novel identification-robust test for the null hypothesis that an estimated new-Keynesian model has a reduced form consistent with the unique stable solution against the alternative of sunspot-driven multiple equilibria. Our strategy is designed to handle identification failures as...

We employ a novel identification scheme to quantify the macroeconomic effects of monetary policy shocks in the United States. The identification of the shocks is achieved by exploiting the instabilities in the contemporaneous coefficients of the structural VAR (SVAR) and in the covariance matrix...

This article explores the meanings and uses of the term sem terra (landless) in relation to the social movement MST and tries to provide provisory answers to the following questions: What is the relationship between small landholders, rural workers, and the term sem terra? Is the idea of sem...

We propose a novel identification-robust test for the null hypothesis that an estimated new- Keynesian model has a reduced form consistent with the unique stable solution against the alternative of sunspot-driven multiple equilibria. Our strategy is designed to handle identification failures as...

This paper proposes a new evaluation approach of the class of small-scale `hybrid' New Keynesian Dynamic Stochastic General Equilibrium (NK-DSGE) models typically used in monetary policy and business cycle analysis. The novelty of our method is that the empirical assessment of the NK-DSGE model...