manufacturing-wide variables are included for each sector. Generalised impulse responses indicate that increased trade openness …

evaluation when the objective function measures the distance between estimated and model impulse responses. Observational …

criterion is general enough to apply to impulse responses estimated by VARs, local projections, as well as simulation methods. … of macroeconomic models. The main advantage of our procedure is that it allows the researcher to select the impulse … responses that are most informative about the deep parameters, therefore reducing the bias and improving the efficiency of the …