Altavilla, Carlo; Ciccarelli, Matteo - Dipartimento di Studi Economici "Salvatore Vinci", … - 2008
This paper explores the role that model uncertainty plays in determining the effect of monetary policy shocks on unemployment dynamics in the euro area and the US. We specify a range of BVARs that differ in terms of variables, lag structure, and the way the inflation process is modelled. For...