We identify structural vector autoregressions using narrative sign restrictions. Narrative sign restrictions constrain … established narrative account of these episodes. Using models of the oil market and monetary policy, we show that narrative sign … restrictions are highly informative. We highlight that adding a single narrative sign restriction dramatically sharpens and even …

We identify structural vector autoregressions using narrative sign restrictions. Narrative sign restrictions constrain … established narrative account of these episodes. Using models of the oil market and monetary policy, we show that narrative sign … restrictions tend to be highly informative. Even a single narrative sign restriction may dramatically sharpen and even change the …