This paper reviews Bayesian methods that have been developed in recent years to estimate
and evaluate dynamic stochastic general equilibrium (DSGE) models. We consider the …

Over the past 15 years there has been remarkable progress in the specification and
estimation of dynamic stochastic general equilibrium (DSGE) models. Central banks in …

The 20th anniversary of Economic and Monetary Union (EMU) offers an opportunity to look
back on the ECB's record and learn lessons that can improve the conduct of policy in the …

We conduct a simulation study of Local Projection (LP) and Vector Autoregression (VAR)
estimators of structural impulse responses across thousands of data generating processes …

This article provides an overview of the panel vector autoregressive models (VAR) used in
macroeconomics and finance to study the dynamic relationships between heterogeneous …

What are the effects of uncertainty shocks on unemployment dynamics? We answer this
question by estimating non-linear (Smooth-Transition) VARs with post-WWII US data. The …

Spillover effects of US uncertainty shocks are studied in a panel VAR of fifteen emerging
market economies (EMEs). A US uncertainty shock negatively affects EME stock prices and …

We propose a new strategy for dissecting the macroeconomic time series, provide a
template for the business-cycle propagation mechanism that best describes the data, and …

I quantify the contribution of sectoral shocks to business cycle fluctuations in aggregate
output. I develop and estimate a multi-industry general equilibrium model in which each …

No subject with a foot in both the academic and public domains like macroeconomics
remains unchanged for long. The search for improved explanations, and the challenge of …