Measuring the Effects of a Shock to Monetary Policy - Humboldt ...

108 Bayesian FAVARs with Agnostic Identification
end;
end;
check_sign_restriction_result =...
DO_CALCULATION_IRA_UHLIG_CHECK_SIGNRESTRICTION (input,candidateB,bc_i);
if abs(check_sign_restriction_result) == 1
else
end;
last_slice (bc_i) = last_slice (bc_i) + 1;
GLOG (sprintf(’Response accepted. This is the
%dth accepted Response for BC-%d’, last_slice (bc_i), bc_i),1);
finalresponses (bc_i).response (:,:,last_slice (bc_i)) =...
check_sign_restriction_result * candidateB;
if fr_current_length (bc_i) == last_slice (bc_i)
%increase length
end;
end; %alphadraws
for bc_i = 1:spec_nBC;
end;
fr_current_length (bc_i) =...
fr_current_length (bc_i) + fr_add_length (bc_i);
finalresponses (bc_i).response (:,:,fr_current_length (bc_i)) = zeros(size(input.specification.IRA.var_index_sr,1), input.specification.I
% CAN NOT ACCEPT RESPONSE
GLOG (sprintf(’Number of accepted Responses for BC-%d: %d’,bc_i, last_slice (bc_i)),2);
finalresponses (bc_i).response = finalresponses (bc_i).response (:,:,1:last_slice (bc_i));
%%%%%%**********************************************************%%%%%
%%%%%% Bayesian FAVAR Code August 26th %%%%%
%%%%%%**********************************************************%%%%%
%%%%%% DO_CALCULATION_IRA_UHLIG_CHECK_SIGNRESTRICTION %%%%%
%%%%%% %%%%%
%%%%%% see Sequence Diagram Block B.4.1.1 %%%%%
%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
%%%%%% This Function checks if a given Response satisfies the
%%%%%% block criteria bc_i. In that case the result
%%%%%% is 1/-1. Otherwise 0.
function [check_result] = DO_CALCULATION_IRA_UHLIG_CHECK_SIGNRESTRICTION (input,candidate,bc_i);
%function [check_result] = DO_CALCULATION_IRA_UHLIG_CHECK_SIGNRESTRICTION (input,candidate,bc_i);
%%%%% set parameters
specZ = input.specification.IRA.sr_horizon;
P_INDEX = input.specification.IRA.BC(bc_i).priceIndex;
M_INDEX = input.specification.IRA.BC(bc_i).moneyIndex;
I_INDEX = input.specification.IRA.BC(bc_i).interestIndex;
if all(candidate(P_INDEX (1:(length(P_INDEX))),1:specZ) 0)