We propose a method for solving and estimating linear rational expectations models that
exhibit indeterminacy and we provide step-by-step guidelines for implementing this method …

We argue that dynamic indeterminacy in structural models can help rationalize statistical
regularities regarding higher-order properties of macroeconomic time series. Without …

We propose a novel identification‐robust test for the null hypothesis that an estimated New
Keynesian model has a reduced form consistent with the unique stable solution against the …

We have developed an automated parameter optimization software framework (ParOpt) that
implements the Nelder–Mead simplex algorithm and applied it to a coarse-grained …

This article proposes a new evaluation approach for the class of small-scale “hybrid” new
Keynesian dynamic stochastic general equilibrium (NK-DSGE) models typically used in …

Determinacy properties and conditions of equilibrium solution have been the subject of
growing discussion and research in macroeconomics. Following in the footsteps of previous …

Several business cycle models exhibit a recursive timing structure, which enforces delayed
propagation of exogenous shocks driving short-run dynamics. We propose a bootstrap …

We evaluate the performance of individual and combination forecasts produced by Bayesian
vector autoregressions (Bayesian VARs) with economic and/or non-economic information. In …

Empirical growth-rate distributions of major macroeconomic aggregates are typically non-
Normal and exhibit fat tails. We advance the idea that indeterminacies in standard rational …

Recent structural VAR studies of the monetary transmission mechanism have voiced
concerns about the use of recursive identification schemes based on short-run exclusion …