This paper addresses the identification of low-frequency macroeconomic shocks, such as technology, in Structural Vector Autoregressions. Whilst identification issues with long-run restricted VARs are well documented, the recent attempt to overcome said issues using the Max-Share approach of Francis et al. (2014) and Barsky and Sims (2011) has its own shortcomings, primarily that they are vulnerable to bias from confounding non-technology shocks. A...
انظر المزيد
تفاصيل
-
2019/10/24
-
ورقة عمل خاصة ببحوث السياسات
-
WPS9047
-
1
-
1
-
2019/10/24
-
Disclosed
-
New Approaches to the Identification of Low-Frequency Drivers : An Application to Technology Shocks
-
technology shock