An n-variable structural vector auto-regression (SVAR) can be identified (up to shock order) from the evolution of the … process. I propose a new identification argument that identifies the SVAR up to shock orderings using the autocovariance … structure of second moments of the residuals implied by an arbitrary stochastic process for the shock variances. These higher …

Euro Area economies to a one percent shock in government consumption and business confidence. The evidence suggests that … even though the response to a government consumption shock is strong, a shock in expectations has an even greater effect …

autoregression (VAR) approach. Identification of the tax shock follows the narrative approach recently proposed by Romer and Romer …