Comparisons of alternative identification schemes for the U.S. real GNP- unemployment level correlation: sensitivity analysis
The paper employs three different types of identifying restrictions to calculate the impulse responses for the trivariate series composed of the U.S. unemployment level, real GNP and the money stock. The first two are the zero restrictions, arising from the assumption of the delayed information pattern available in forming a money reaction function. The third assumes a particular simplified structural model. The paper shows that the impulse response patterns are generally insensitive to these alternative specifications. Similar exercises are carried out for the bivariate series composed of the U.S. and the unemployment level.
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