We employ a non-recursive identification scheme to identify the effects of a monetary policy shock in a Structural Vector Autoregressive (SVAR) model for the US post-WWII quarterly data. The identification of the shock is achieved via heteroskedasticity, and different on-impact macroeconomic responses are allowed for (but not imposed) in each volatility regime. We show that the impulse responses obtained with the suggested non-recursive identification scheme are quite similar to those conditional on a recursive VAR estimated with pre-1984 data. In contrast, recursive vs. non-recursive identification schemes return different short-run responses of output and investment during the Great Moderation. Robustness checks dealing with a different definition of investment, an alternative break-point, and federal funds futures rates as an indicator of the monetary policy stance are documented and discussed.

We investigate the issues of existence and efficiency of lookahead equilibria in congestion games. Lookahead equilibria, whose study has been initiated by Mirrokni et al. (2012), correspond to the natural extension of pure Nash equilibria in which the players, when making use of global information in order to predict subsequent reactions of the other ones, have computationally limited capabilities.

We study the Helmholtz equation with electromagnetic-type perturbations, in the exterior of a domain, in dimension n ≥ 3. Using multiplier techniques in the style of Morawetz, we prove a family of a priori estimates from which the limiting absorption principle follows. Moreover, we give some standard applications to cases with an absence of embedded eigenvalues and zero resonances, under explicit conditions on the potentials.

When in the class of “exact” present value (PV) relations the decision variables do not Granger cause the explanatory variables, and a vector autoregressive (VAR) process is used to derive the cross-equation restrictions, the system embodies explosive roots, which hardly can be reconciled with the typical features observed in most macroeconomic time series. This paper investigates the issue.I thank Paolo Paruolo and two anonymous referees for helpful comments and suggestions on earlier drafts of the paper. I am solely responsible for all remaining errors.