This paper studies the statistical properties of impulse response functions in structural vector autoregressions (SVARs … typically the case for per capita hours worked which are included in SVARs. Theoretical results derived from this specification … allow to explain most of the empirical findings from SVARs which include U.S. hours worked. Simulation experiments from an …

This paper studies the statistical properties of impulse response functions in structural vector autoregressions (SVARs … typically the case for per capita hours worked which are included in SVARs. Theoretical results derived from this specification … allow to explain most of the empirical findings from SVARs which include U.S. hours worked. Simulation experiments from an …

The usefulness of SVARs for developing empirically plausible models is actually subject to many controversies in … quantitative macroeconomics. In this paper, we propose a simple alternative two step SVARs based procedure which consistently … business cycle model show that our approach outperforms standard SVARs. The two step procedure, when applied to actual data …

. Unfortunately, the estimated response is generally sensitive to the specification of hours in SVARs. This paper uses a simple two …