where (i) the shock of interest is observed, (ii) the impact variable of interest is observed at a lower frequency (as a … frequency of the shock, and (iv) the full set of relevant endogenous variables entering the DGP is unknown or unobserved …

-2012) in the Polish economy. The empirical findings show that: (1) output appears more responsive to an interest rate shock at … the beginning of our sample. Since 2000, absorbing this shock has become less costly in terms of output, notwithstanding … some reversal since the beginning of the global financial crisis. The exchange rate shock also has a time-varying effect on …

dollar shock, generalised impulse response function shocks and a global shock to risk aversion. Our results show that the way … depends crucially on the nature of the shock. This result is noteworthy given the apparent divergence in competitiveness …

various scenarios, such as an output shock in the United States, a shock to the US real effective exchange rate and shocks to …) shock to US output than to a real effective depreciation of the dollar. In addition, the model can be used to monitor trade …

has led many researchers to conclude that asset price data would be very useful for the estimation of business cycle …