This paper analyses alternative constraints in Structural VAR models allowing for the decomposition between permanent and transitory components. Alternative SVAR specifications are then compared in a real-time exercise using the HP filter as a benchmark.

This paper investigates the use of error correction models to estimate coincident GDP quarterly growth rates. We have carried out this investigation, for the euro area and the five main countries (Germany, France, Italy, Spain, and the Netherlands). We have found no cointegration relation for...