Existing strategies for econometric analysis related to macroeconomics are subject to a
number of serious objections, some recently formulated, some old. These objections are …

The inflation of the 1970s in the US is often discussed as if the only type of policy action that
could have prevented the inflation were monetary policy actions and the only type of policy …

This study has two purposes. One is to examine the substantive question: Is there statistical
evidence that money is" exogenous" in some sense in the moneyincome relationship? The …

Existing theory and evidence on the effects of monetary policy are reviewed. Substantial room
for disagreement among economists remains. New evidence, based on multivariate time …

A constraint that actions can depend on observations only through a communication channel
with finite Shannon capacity is shown to be able to play a role very similar to that of a signal …

This paper considers estimation and hypothesis testing in linear time series models when
some or all of the variables have unit roots. Our motivating example is a vector autoregression …

… of important papers, notably, by Robert Lucas and Christopher Sims.2 Particularly relevant
to the present paper is Sims's point that the many overidentifying restrictions of large-scale …

… When we run our counterfactual historical simulations by … set H0j and H j the same way as
Sims and Zha (1998) but scale them … prior is set as, in the notation of Sims and Zha (1998), 0 …

… This notion is discussed in more detail by Sims in this volume. 3 eke 35|| has given a
condition for exogeneity of J in unobservable-index system „... Ike the a, = 0 condition on an …

… In Sims and Zha (1995), we showed how to compute Bayesian error bands for impulse
responses estimated from reduced form vector autoregressions (VARs) and from identified VARs. …