NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Identification and Estimation of Dynamic Causal Effects in Macroeconomics Using External Instruments

James H. Stock, Mark W. Watson

NBER Working Paper No. 24216
Issued in January 2018

---- Acknowledgments ----

This work was presented by Stock as the Sargan Lecture to the Royal Economic Society on April 11, 2017. We thank Paul Beaudry, Mark Gertler, Oscar Jordà, Daniel Lewis, Karel Mertens, Mikkel Plagborg-Møller, Glenn Rudebusch, José Luis Montiel Olea, Valerie Ramey, Morten Ravn, Giovanni Ricco, Neil Shephard, Leif Anders Thorsrud, Christian Wolf and an anonymous referee for helpful comments and/or discussions. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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