![The Quarterly Journal of Economics journal](https://bse.eu/sites/default/files/styles/bgse_image_content_image/public/journal-qje.png?itok=LF-ugRu3)
BSE Affiliated Professor Geert Mesters (UPF and BSE) and co-author Régis Barnichon have a forthcoming publication in the Quarterly Journal of Economics on "Identifying modern macro equations with old shocks."
In their paper, Barnichon and Mesters propose a new approach to estimating structural forward-looking macroeconomic equations such as Phillips curves, Euler equations, or monetary policy rules that uses sequences of independently identified structural shocks as instrumental variables.