We state that long-run restrictions that identify structural shocks in VAR models with unit roots lose their original interpretation if the fractional integration order of the affected variable is below one. For such fractionally integrated models we consider a medium-run approach that employs...

This paper investigates the accuracy of bootstrap-based bias correction of persistence measures for long memory fractionally integrated processes. The bootstrap method is based on the semi-parametric sieve approach, with the dynamics in the long memory process captured by an autoregressive...

Global warming has been a heated topic in recent decades and it is shown that the average temperature of U.S. has been increasing since 1901 and more quickly from 1970s. However the data reveals that on state level a different temperature changing pattern exist and some area might experience...

This paper proposes an empirical analysis of monetary policy shocks effects on the real economic aggregates and prices with the help of vector autoregressive (VAR) in the context of Central and Eastern European countries. Model specification is different for each type of monetary policy...

The protracted change in climatic conditions because of the natural or anthropogenic activities is termed as climate change. It is mainly caused by human induced emission of greenhouse gases like Carbon dioxide CO2, Methane CH4, Nitrous oxide NO2. These gases trap the sunlight, rising the...

The following paper aims at analysing the impact of a shock in interest rate on selected economic variables in the five European Union member countries (Germany, France, Netherlands, Belgium and Luxembourg). The analysis shall be done through the VAR method where we will use the approach of the...

The protracted change in climatic conditions because of the natural or anthropogenic activities is termed as climate change. It is mainly caused by human induced emission of greenhouse gases like Carbon dioxide CO2, Methane CH4, Nitrous oxide NO2. These gases trap the sunlight, rising the...