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DESCRIPTION;ENCODING=QUOTED-PRINTABLE:Research Seminar - Filippo Ferroni (Università di Bologna) - Identifying Non-Gaussian Structural Shocks =0D=0A Co-authors: Philippe Andrade (FRB Boston) and Leonardo Melosi (European University Institute, De Nederlandsche Bank, & CEPR) =0D=0A Abstract We develop a method that sharpens identification by exploiting non-Gaussian features of structural shocks in a robust and tractable way. By combining inequality restrictions on higher-order moments with standard set-identifying constraints, such as sign restrictions, the approach is well suited to investigate the effects of fat-tailed and/or asymmetric shocks. Our method leverages the large leptokurtosis of monetary policy shocks in the data to recover the correct output response, salient narrative episodes, and a plausible policy reaction function. Applying the method to sovereign and geopolitical risk shocks, we uncover sizable macroeconomic effects that remain hidden under conventional identification schemes.=0D=0A  =0D=0A Online Research seminars organized by the Bank of Finland's Research Unit are open to all researchers interested in the subjects covered. Those wishing to attend a seminar are kindly asked to register in advance, by filling in  the Online Registration Form . =0D=0A The registration for each seminar is open until 9:00 am the day of the seminar. You will receive a link to join the seminar by email at the latest one hour before the seminar is scheduled to begin. =0D=0A
DTEND:20251204T094500Z
DTSTAMP:20251007T075138Z
DTSTART:20251204T083000Z
LOCATION:MS Teams
SUMMARY:Filippo Ferroni (Università di Bologna) - Identifying Non-Gaussian Structural Shocks
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