Bacchiocchi, Emanuele; Castelnuovo, Efrem; Fanelli, Luca - Dipartimento di Scienze Economiche "Marco Fanno", … - 2014
of our impulse responses estimated with post-WWII U.S. data by working with a break in macroeconomic volatilities … occurred in the mid-1980s. We show that the impulse responses obtained with our non-recursive identification scheme are quite … instabilities in the estimated VAR impulse responses are informative as for the calibration of some key-structural parameters. …