Commonly used instruments for the identification of monetary policy disturbances are likely
to combine the true policy shock with information about the state of the economy due to the …

We study how monetary policy affects subcomponents of the Personal Consumption
Expenditures Price Index (PCEPI) using local projections. Following a monetary policy …

We develop an importance sampler for sign restricted Bayesian structural vector
autoregressive models. The algorithm nests as a special case the sampler associated with …

Research productivity has been sharply declining since 1920. This decline has significant
implications for inequality. Using an open-economy Schumpeterian growth model, we show …

Macroeconomists construct impulse responses using many competing time series models
and different statistical paradigms (Bayesian or frequentist). We adapt optimal linear …

We show how random subspace methods can be adapted to estimating local projections
with many controls. Random subspace methods have their roots in the machine learning …

We develop a prior for the coefficients of a VAR that allows for flexible nondogmatic beliefs
on the shape of the structural impulse responses. We achieve this using an alternative …

This paper studies the macro-financial implications of using carbon prices to achieve
ambitious greenhouse gas (GHG) emission reduction targets. My empirical evidence shows …

We propose a simple correction for misspecification in trend-cycle decompositions when the
stochastic trend is assumed to be a random walk process but the estimated trend displays …

We develop a methodology to estimate impulse response functions via Bayesian techniques
with the goal of providing a bridge between a linear vector autoregressive specification and …