This paper applied the panel VAR approach and the Impulse Response Functions to investigate the differences in the …

, and supply equations in a Bayesian structural panel vector autoregressive model. We formulate prior beliefs on magnitudes …

restriction that economic theory is not violated, while the shocks are still recursively identified. We solve this optimization … "almost recursively identified approach with parameter restrictions" leads to a solution that avoids an estimation bias …, generates theory-consistent impulse responses, and is as close as possible to the recursive scheme. …

restriction that economic theory is not violated, while the shocks are still recursively identified. We solve this optimization … "almost recursively identified approach with parameter restrictions" leads to a solution that avoids an estimation bias …, generates theory-consistent impulse responses, and is as close as possible to the recursive scheme. …