. In developing this narrative DSGE‐SVAR, I develop a tractable Bayesian approach to proxy VARs and show that such an …

and stochastic shock volatility. The first policy regime responds passively to movements in inflation, adjusting the …This paper conducts a structural analysis of inflation persistence in the United Kingdom between 1965-2009. I allow for … other regime responds actively to inflation and places less weight on exchange rate movements. This regime is present for …

restrictions, and whose distribution is subject to time varying skewness. The authors also present an efficient Bayesian algorithm … variation can explain a significant proportion of the joint dynamics of real GDP growth and inflation, and also generates … important asymmetric tail risks in those macroeconomic variables. Finally, compared to the literature on growth- and inflation …