Business cycle analysis without much theory A look at structural VARs
نویسندگان
چکیده
This paper examines the usefulness of applying structural vector autoregressions (SVARs) to the study of business cycles. The SVAR approach aims to provide robust inferences, by imposing only weak theoretical restrictions. We illustrate that the robustness of conclusions drawn from SVAR exercises are questionable. We also examine the problem of identification failure in structural VAR models. © 1998 Elsevier Science S.A.
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