Simulated Responses to Max-Share Shock When Proportionality Fails to Hold
Solid lines are the true impulse responses to a news shock in the model. The dashed lines are the estimated responses using the max-share identification based on the simulated data with bandpass filtered hours per worker in the construction of utilization. The dash-dotted lines are the estimated responses using the max-share identification based on the simulated data with bi-weight filtered hours per worker in the construction of utilization.
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