Confronting Model Misspecification in Macroeconomics
---- Acknowledgements -----
For helpful discussions, we thank Dean Corbae, Frank Diebold, John Geweke, Lars Hansen, Bob King, Robert Kohn, Jianjun Miao, Frank Schorfheide, Chris Sims, Harald Uhlig, and seminar participants at the first European conference on "Bayesian Econometrics,'' Boston University, and the conference on "Macroeconomics and Policy Analysis after the Crisis in honor of Christopher Sims.'' This research is supported in part by the National Science Foundation grant SES-1127665. The views expressed herein are those of the authors and do not necessarily reflect the views of the Federal Reserve Bank of Atlanta, the Federal Reserve System, or the National Bureau of Economic Research.