From efd900f16035e3f1e85b7ef550914e4ff159947f Mon Sep 17 00:00:00 2001 From: "Justin J. Lee" Date: Sun, 9 Aug 2020 17:01:15 -0500 Subject: [PATCH] Update README.md --- README.md | 4 ++-- 1 file changed, 2 insertions(+), 2 deletions(-) diff --git a/README.md b/README.md index bcb1cf4..fbfa104 100644 --- a/README.md +++ b/README.md @@ -19,7 +19,7 @@ Input argument is constructed using a mutable object of following, mutable struct InputPackage y :: Array # Defined endogenous variable for response.; x :: Array # Defined endogenous variable for generating shocks.; - w :: Array # Defined endogenous variable - contemporaneous and lagged structure.; + w :: Array # Defined endogenous variable, contemporaneous, lagged form.; H_min :: Int # Horizon sought - start.; H_max :: Int # Horizon sought - end.; type :: String # Type of regression: 'reg' to be regular, smooth otherwise.; @@ -29,6 +29,6 @@ end ``` Each stripped sub/co-routine is a plot of impulse response functions, (1 - blue line) local projection using [Òscar Jordà (2005)](https://www.aeaweb.org/articles?id=10.1257/0002828053828518); (2 - purple line) smoothed local projection using (λ = 100, for example presented below); (3 - red lines) smoothed local projection using optimal λ estimated using cross-validation method as shown in [Barnichon and Brownlees (2019)](https://www.mitpressjournals.org/doi/abs/10.1162/rest_a_00778) (red solid line is a point estimate, dashed red lines are estimated 90% confidence set). -Following example is a replication of [Barnichon and Brownlees (2019)](https://www.mitpressjournals.org/doi/abs/10.1162/rest_a_00778) estimation of the impulse response of Gross Domestic Product (GDP) to identified monetary policy shock. +Following example is a replication of [Barnichon and Brownlees (2019)](https://www.mitpressjournals.org/doi/abs/10.1162/rest_a_00778) estimation of the impulse response of Gross Domestic Product (GDP) to identified positive monetary policy shock. ![](example.gif)