· SVARs: what they are and what you get from them with a particular set of identifying assumptions.
· Fitting a model to SVAR impulse response functions: model specification, estimation results and indications about how the model might be tested on panel data sets of firms.
· Additional model development:
1. labor markets: a sketch of an approach
2. financial frictions: detailed discussion with two applications – evaluation of John Taylor’s proposal for how the Fed should respond to an increase in yield spreads; and a study of a mechanism by which a conventional monetary policy strategy may lead to excessive volatility in asset prices.