We identify structural vector autoregressions using narrative sign restrictions. Narrative sign
restrictions constrain the structural shocks and/or the historical decomposition around key …

In this paper, we develop a Bayesian framework to estimate a proxy structural vector
autoregression to identify monetary policy shocks. We find that during the Great Moderation …

This paper studies how monetary policy jointly affects asset prices and the real economy in
the United States. I develop an estimator that uses high-frequency surprises as a proxy for …

I give conditions under which changes in private spending are accommodated in general
equilibrium exactly like changes in aggregate fiscal expenditure. Under such demand …

Motivated by the increasing use of external instruments to identify structural vector
autoregressions (SVARs), we develop an algorithm for exact finite sample inference in this …

This paper studies how monetary policy jointly affects asset prices and the real economy in
the United States. I develop an estimator that uses high-frequency surprises as a proxy for …

We discuss combining sign restrictions with information in external instruments (proxy
variables) to identify structural vector autoregressive (SVAR) models. In one setting, we …

Motivated by the increasing use of external instruments to identify structural vector
autoregressions SVARs), we develop algorithms for exact finite sample inference in this …

Proxy structural vector autoregressions (SVARs) identify structural shocks in vector
autoregressions (VARs) with external proxy variables that are correlated with the structural …

In this reply to a comment by Jentsch and Lunsford, we show that the evidence for economic
and statistically significant macroeconomic effects of tax changes in Mertens and Ravn …