Benati, Luca (contributor); Surico, Paolo (contributor) - 2008
-Keynesian model in which the only source of change is the move from passive to active monetary policy, we show that VARs may …, policy counterfactuals based on the theoretical structural VAR representations of the model under the two regimes fail to …Most analyses of the U.S. Great Moderation have been based on structural VAR methods, and have consistently pointed …