Scholl, Almuth; Uhlig, Harald - Sonderforschungsbereich 649: Ökonomisches Risiko, … - 2005
, however. The most suc-
cessful studies have followed the lead of Sims (1972, 1980), employing vector
autoregressions to study … claims for identification in these models cannot be taken seri-
ously.” The advantage of reduced-form vector autoregressions … is that it does
not need these incredible identification restrictions at all, but for structural
vector autoregressions …