Constructing bootstrap confidence intervals for impulse response functions (IRFs) from structural vector autoregression … can deteriorate severely, however, if the bootstrap IRFs are biased. We document an apparently common source of bias in … generally unrecognized because it only affects the bootstrap estimates of the error variance, not the original OLS estimates …

Constructing bootstrap confidence intervals for impulse response functions (IRFs) from structural vector autoregression … can deteriorate severely, however, if the bootstrap IRFs are biased. In this paper, we document an apparently common … scale adjustment. This bias is often unrecognized because it only affects the bootstrap estimates of the error variance, not …

escalation of inflation. The political factors such as government instability, corruption, bureaucracy, and internal conflicts …

particular, we find that commodity price shocks explain a large share of cyclical movements in inflation. Neutral technology …

across the sample. Evidence in favour of a diminishing effect of oil price shocks on the output and inflation is found from … in the last part of the 1990s and, especially, for the CPI inflation in the 2000s. The most outstanding result is that … the oil price movements could explain at least some of the recent inflation, the main difference between these outcomes …