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US fiscal policy shocks: Proxy-SVAR overidentification via GMM (replication d...
Using external instruments one can recover the effects of individual shocks without fully identifying a VAR. We show that fully or almost fully instrumenting a VAR--that is,... -
The role of precautionary and speculative demand in the global market for cru...
Contemporary structural models of the global market for crude oil jointly specify precautionary and speculative demand shocks as a composite shock, named a storage demand shock....
