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Discussion Paper
Supply vs Demand Factors Influencing Prices of Manufactured Goods
The strong surge and rapid retreat of U.S. goods price inflation during 2021-2023 has occupied the forefront of economic policy discussions, and debate on the primary causes continues. Some commentators point to widespread supply bottlenecks and adverse geo-political events that caused significant disruption to the production and availability of manufactured goods.
Working Paper
Nonparametric Time Varying IV-SVARs: Estimation and Inference
This paper studies the estimation and inference of time-varying impulse response functions in structural vector autoregressions (SVARs) identified with external instruments. Building on kernel estimators that allow for nonparametric time variation, we derive the asymptotic distributions of the relevant quantities. Our estimators are simple and computationally trivial and allow for potentially weak instruments. Simulations suggest satisfactory empirical coverage even in relatively small samples as long as the underlying parameter instabilities are sufficiently smooth. We illustrate the methods ...