A growing body of empirical evidence suggests that a positive technology shock leads to a temporary decline in … sufficiently strong, a technology shock also has a negative effect on output in the short run …

of imposing a minimal set of theoretical restrictions on the model to be tested. A monetary policy shock is identified … same specification, without imposing one identification mechanism a priori. The correct measure of a monetary policy shock …

of imposing a minimal set of theoretical restrictions on the model to be tested. A monetary policy shock is identified … same specification, without imposing one identification mechanism a priori. The correct measure of a monetary policy shock …

favorable shock to global demand and supply has a strong and positive effect on emerging markets, whereas an unanticipated rise … global shocks. In particular, the demand shock is the most critical, explaining roughly 30% of the fluctuation in output …, explaining about 20% respectively, whereas the supply shock is closely associated with the medium-to-long-term variation …