Forni, Mario; Gambetti, Luca - Dipartimento di Economia "Marco Biagi", Università … - 2010
We use a dynamic factor model to provide a semi-structural representation for 101 quarterly US macroeconomic series. We find that (i) the US economy is well described by a number of structural shocks between two and six. Focusing on the four-shock specification, we identify, using sign...