set of restrictions on the structural shocks of a VAR of the Euro area. Their approach does not uniquely identify a … information shocks - an important new contribution to the literature. I conducted two replication studies of their work on behalf …

VAR model, we assess how common and country-specific uncertainty shocks influence economic activity, prices, and monetary … policy, with the shocks identified using zero and sign restrictions. Our results reveal that only common shocks have … identifications. Therefore, our findings imply that policymakers should focus on uncertainty shocks that are synchronized across …