Orphanides, Athanasios (contributor); … - 2006
to a specific shock vary with the state
of the economy and the state of beliefs governing the formation of expectations …. That is,
the responses vary with the initial conditions, {X,c,R}, at the time the shock occurs. To
summarize the range of …
economy.
The dynamic impulse responses to a specific shock exhibit considerable variation un-
der learning. Further, the …