Structural vector-autoregressive models are potentially very useful tools for guiding both macro- and microeconomic policy. In this paper, we present a recently developed method for exploiting non-Gaussianity in the data for estimating such models, with the aim of capturing the causal structure...

Mit der fortschreitenden Internationlisierung der Wirtschaft steigt der Bedarf der Unternehmen an interkulturell kompetenten Managern u.a. im Markteing. Jedoch tragen bisher weder die auslandsorientierte Personalentwicklung internationaler deutscher Unternehmen noch die empirische...

Economic agents using information that is not incorporated in the econometric model is seen as a possible reason for why nonfundamental shocks are important in econometric models. Allowing for nonfundamental shocks in structural vector autoregressive (SVAR) analysis by considering moving average...

This paper compares two different ways of doing policy evaluation: on the one hand, quasi-experimental methods (or "ex-post" evaluations) which exploit the introduction of a reform and identify its effect by comparing treated and untreated individuals; on the other hand, structural models (or...

Koop, Pesaran and Smith (2011) suggest a simple diagnostic indicator for the Bayesian estimation of the parameters of a DSGE model. They show that, if a parameter is well identified, the precision of the posterior should improve as the (artificial) data size T increases, and the indicator checks...