The use of long-run restrictions for the identification of technology shocks

Neville Francis, Michael Owyang and Athena T. Theodorou

No 2003-010, Working Papers from Federal Reserve Bank of St. Louis

Abstract: We survey the recent empirical literature using long run restrictions to identify technology shocks. We provide an illustrative walkthrough of the long-run restricted vector autoregression (VAR) methodology in a bivariate framework. Additionally, we offer an alternative identification of technology shocks that can be imposed by restrictions on the long-run impulse responses. Our results from this methodology compare favorably to the empirical literature that uses structural VARs to identify technology.

Keywords: Business cycles; Technology (search for similar items in EconPapers)
Date: 2003
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Citations: View citations in EconPapers (23)

Published in Federal Reserve Bank of St. Louis Review, November/December 2003, 85(6), pp. 53-66

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Journal Article: The use of long-run restrictions for the identification of technology shocks (2003)
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