Forni, Mario; Gambetti, Luca - In: Journal of risk and financial management : JRFM 14 (2021) 8, pp. 1-21
prevails for GDP, while demand prevails for employment and inflation. (ii) Monetary and fiscal policy shocks have sizable … find that (i) the US economy is well described by a number of structural shocks between two and five. Focusing on the four-shock … specification, we identify, using sign restrictions, two policy shocks, monetary and fiscal, and two non-policy shocks, demand and …