Inference in Structural Vector Autoregressions When the Identifying Assumptions are Not Fully Believed: Re-evaluating the Role of Monetary Policy in Economic Fluctuations
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We thank Ferre De Graeve, Marek Jarocinski, Lam Nguyen and Tao Zha for helpful comments. An earlier version of this paper was circulated under the title "Optimal Inference about Impulse-Response Functions and Historical Decompositions in Incompletely Identified Structural Vector Autoregressions.'' The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.