This paper evaluates the extent to which a DSGE model can account for the impact of tax
policy shocks. We estimate the response of macroeconomic aggregates to anticipated and …

This paper analyzes the quality of VAR-based procedures for estimating the response of the
economy to a shock. We focus on two key issues. First, do VAR-based confidence intervals …

This paper estimates a small-scale DSGE model of the US economy with interacting
traditional and shadow banks. We find that shadow banks amplify the transmission of …

This paper examines issues related to the estimation of the government spending multiplier
(GSM) in a DSGE context. We stress a source of bias in the GSM arising from the …

This paper presents a limiting distribution theory for GMM and Indirect Inference estimators
when local identification conditions fail at first-order but hold at second-order. These limit …

In this paper, we revisit the role of regulation in a small-scale dynamic stochastic general
equilibrium (DSGE) model with interacting traditional and shadow banks. We estimate the …

This article investigates the effects of a permanent technology shock on labor input in the
major seven developed countries. The recent empirical literature which uses Structural …

Economic policy transmission between trade partners has been analyzed over different
contexts in the literature. Depending on real or nominal frictions, the results indicate possible …

Our VAR evidence for OECD countries reveals that the non-traded sector alone drives the
increase in hours worked following a technology shock that increases permanently traded …

In macroeconomic theory, different approaches discuss the ability of monetary policy to
affect real variables in the long run. This research proposes the empirical application of a …