ARTICLE IN PRESS
Macroeconomic Shocks and Their
Propagation
V.A. Ramey
University of California, San Diego, CA, United States
NBER, Cambridge, MA, United States
Contents
1. Introduction 72
2. Methods for Identifying Shocks and Estimating Impulse Responses 74
2.1 Overview: What Is a Shock? 74
2.2 Illustrative Framework 75
2.3 Common Identification Methods 77
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