This paper combines new data and a narrative approach to identify shocks to political
pressure on the Federal Reserve. From archival records, I build a data set of personal …

Time-varying parameter vector autoregressions (TVP-VARs) have become a popular tool to
study the dynamics of macroeconomic time series. In this article, we discuss the specification …

By the end of 2019, US output was 14% below the level predicted by its pre-2008 trend. To
understand why, I develop and estimate a model of the United States with demographics …

Applied researchers interested in estimating key parameters of dynamic stochastic general
equilibrium models face an array of choices regarding numerical solution and estimation …

We explain how to use the composite likelihood function to ameliorate estimation,
computational and inferential problems in dynamic stochastic general equilibrium models …

We specify a simple search and matching model of the aggregate labor market allowing for
productivity-driven changes in match efficiency. This mechanism leads to shifts in the …

We review recent advances in dynamic stochastic general equilibrium theory concerned
with the emergence of fat‐tailed time‐series distributions. Focusing on mechanisms that are …

This paper revisits the dynamic response of hours worked to a total factor productivity (TFP)
shock. I estimate a structural vector autoregression that includes time‐varying parameters …

Recent studies show that the estimated parameters of rational expectations dynamic
stochastic general equilibrium models of the business cycle are largely time-varying. This …

Dynamic stochastic general equilibrium (DSGE) models are typically estimated assuming
the existence of certain structural shocks that drive macroeconomic fluctuations. We analyze …