What is the effect of government deficits on interest rates? This fundamental question has not been convincingly answered. We propose a no-arbitrage structural VAR method that allows us to incorporate the cross-sectional information in bond yields into a structural macroeconomic framework. We find that the government deficit is an important factor behind the yield curve: A one percentage point ...

This paper presents a menu-driven RATS-program which allows to identify structural shocks in vector-autoregressive (VAR) models. Identification is achieved by imposing short-run or long-run restrictions (or a combination of both) on the structural form of a model. The only requirement is that the matrix of restrictions consisting of rows of the restricted matrices of short-run and long-run effe...

Estimating the response of hours worked to technology shocks is often considered as a crucial step for evaluating the applicability of macroeconomic models to reality. In particular, Galí [1999] has considered the conditional correlation between employment and productivity as a key tool for building an empirical evaluation of Real Business Cycle theories and New-Keynesian models. Impulse-respon...

Ampelopsis brevipedunculata is an economically important plant that belongs to the Vitaceae family of angiosperms. The phylogenetic placement of Vitaceae is still unresolved. Recent phylogenetic studies suggested that it should be placed in various alternative families including Caryophyllaceae, asteraceae, Saxifragaceae, Dilleniaceae, or with the rest of the rosid families. However, these anal...