![]() ![]() For example, Mountford and Uhlig (2009) are motivated by the idea that fiscal policy shocks are identified as orthogonal to both monetary policy and business cycle shocks, and use a penalty function approach (PFA) to impose zero restrictions. Note that it is certainly possible to impose both sign and exclusion restrictions. Orthogonal Reduced-Form Parameterization. ![]() Here, we will discuss imposing a further zero restrictions on the impact period of the impulse response function (IRF) using the ARW and SRVAR add-ins in tandem. In our previous blog entry, we discussed the sign restricted VAR (SRVAR) add-in for EViews. Authors and guest post by Davaajargal Luvsannyam and Ulziikhutag Munkhtsetseg
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