This 2012 American Economic Journal: Macroeconomics paper by Olivier Coibion asks why standard recursive VARs and the Romer-Romer (2004) narrative approach produce such different estimates of the real …
Discussing Christina and David Romer's "A New Measure of Monetary Shocks," Cochrane argues the paper's key innovation -- that Greenbook forecasts are a sufficient statistic for the Fed's information …
Using a newly constructed quarterly US data set spanning 1889–2015 — built specifically to include the large wars and deep recessions that the post-WWII sample most of the literature relies on simply …
This paper by Karel Mertens and Morten Ravn (AER 2013) estimates the dynamic effects of U.S. federal personal and corporate income tax changes using a new estimator that treats narratively identified …
This paper develops a narrative method for identifying postwar U.S. tax changes that are plausibly uncorrelated with other influences on output, in order to get around the omitted-variable bias that …
Online FirstJournal of Money, Credit and BankingOnline 18 Sep 2026
Asking whether unconventional monetary policy works differently from an interest-rate cut has been hard to answer because the two kinds of policy have been measured with different tools, so any …