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...
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2019/10/24
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Documento de trabalho sobre pesquisa de políticas
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WPS9047
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1
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1
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2019/10/24
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Disclosed
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New Approaches to the Identification of Low-Frequency Drivers : An Application to Technology Shocks
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technology shock
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