This paper estimates the quarterly flow of migrants to the US working age population using data based on the Current Population Survey (CPS). The dynamic responses to immigration shocks are estimated in a vector autoregression. Immigration shocks, as well as technology shocks are identified...

It is well documented in the literature that identified vector autoregression (VAR) models often produce puzzling results when the effect of unexpected monetary policy movements is estimated. Many authors find that raising interest rate generates protracted appreciation of the exchange rate (the...

This study investigates the effects of a monetary policy shock on real output and prices, by means of a novel distribution-free nonrecursive identification scheme for structural vector autoregressions. Structural shocks are assumed to be mutually independent. The identification procedure is...