Are the Shocks Obtained from SVAR Fundamental?

Identification of Monetary Policy Shocks with External Instrument SVAR

We explore the use of external instrument SVAR to identify monetary policy shocks. We identify a forward guidance shock as the monetary shock component having zero instant impact on the policy rate. A contractionary forward guidance shock raises both future output and price level, stressing the relative importance of revealing policymakers’ view on future output and price level over committing ...

Infinite-variance, alpha-stable shocks in monetary SVAR

Fundamental Economic Shocks and the Macroeconomy

Recently there has been renewed interest in assessing economic models in the context of specific, empirically identified economic shocks. Typically, these shocks are identified one-at-a-time, ignoring potential correlations across shocks, or are identified in the context of a structural vector autoregression (SVAR) using zero restrictions only loosely tied to economic theory. In this paper, we ...

Study on Fundamental Frequencies of Cylindrical Storage Tanks Obtained from Codes and Finite Element Method

In the case of study on the seismic behavior of tanks, one of the most important subjects is selection of convective and impulsive frequencies for storage tanks. These two frequencies are defined by Housner. The major utility of these frequencies is for Rayleigh damping which is a must for time history analysis. API 650, EUROCODE 8 have suggested some analytical solutions for finding convective...

Are Remittances Insurance? Evidence from Rainfall Shocks in the Philippines

Do remittances sent by overseas migrants serve as insurance for recipient households? In a study of how remittances from overseas respond to income shocks experienced by Philippine households, changes in income are found to lead to changes in remittances in the opposite direction, consistent with an insurance motivation. Roughly 60 percent of declines in household income are replaced by remitta...