• 1 Introduction
  • 2 FAVAR Model
  • 2.1 Model Framework
  • 2.2 Empirical Implementation
  • 3 Data
  • 4 Estimation Results
  • 4.1 Results of the FAVAR Model
  • 4.2 Results of the VAR Model
  • 5 Conclusion
  • Appendix 1: Specification of the VAR Model
  • Appendix 2: Data Transformation
  • References