A dynamic factor VAR model, estimated by MCMC simulation, is employed to assess the relative severity of post-war U.S. recessions. Joint modeling and estimation of all model unknowns yields rank estimates that fully account for parameter uncertainty. A convenient by-product of the simulation...

Abstract We investigate the response of the news‐based corruption reflection index to positive shocks in oil rents in Iran. Using annual data spanning from 1962 to 2019, we employ the vector autoregressive model and analyze generalized impulse responses. Our findings reveal a statistically...