The main substantive finding of the recent structural vector autoregression literature with a differenced specification of hours (DSVAR) is that technology shocks lead to a fall in hours. Researchers have used these results to argue that standard business cycle models in which technology shocks leads to a rise in hours should be discarded. We evaluate the DSVAR approach by asking the following:...

We assess the impact of ECB monetary policy on global aggregate and sectoral commodity prices over 2001–2019. employ an SVAR model separately periods before after financial crisis. Our key results indicate that contractionary shocks have positive effects during both conventional unconventional periods, indicating effectiveness tools. The largest is documented energy (fuel) food commodities. als...