illustrate our results graphically with the impulse-response function. We find that the shock responses of industries to Brent …

This paper empirically studies the role of financial development in the fiscal response function by distinguishing high …

same loss functions. We show that conventional impulse response estimators such as the posterior median response function … or the posterior mean response function are not in general the Bayes estimator of the impulse response vector obtained by … stacking the impulse responses of interest. We show that such pointwise estimators may imply response function shapes that are …

same loss functions. We show that conventional impulse response estimators such as the posterior median response function … or the posterior mean response function are not in general the Bayes estimator of the impulse response vector obtained by … stacking the impulse responses of interest. We show that such pointwise estimators may imply response function shapes that are …