Cochrane (2007) has strongly questioned the basic economic logic of current mainstream monetary policy analysis, arguing that the standard notion --that "determinacy" of a rational expectations (RE) e
In recent years, central bankers throughout the world have advocated that monetary policy shift toward inflation targeting. Recent actions in the U.S. serve to highlight the desire of the Federal Rese
Structural VAR models (SVAR) produce results that can vary dramatically with the choice of variables, because information is deficient. We argue that if the variables of interest belong to a High-Dime
