studies, identification strategies and possible instrumental variables are discussed. Three different approaches based on …

Hungarian data. I compare two identification approaches. One of them involves the ‘sign restrictions on impulse responses … history. My argument is that in certain cases, especially in the case of the Hungarian economy, the latter identification … identification approaches produced very similar results, imposing restrictions on history may help to dampen counterintuitive …

first is whether such equations are identified. To check identification requires specifying the process for the forcing … is estimated by GMM, relying on statistical criteria to choose instruments. This may result in failure of identification …