Bayesian VARs of the U.S. economy before and during the pandemic

13 The short-lived positive initial impulse is a case of borderline significance only. 14 It appears that the impulse response functions significantly change for the small model when the sum-of coefficient prior and the dummy observation prior are applied. 15 See, for example, Wolters ( 2015 ) and Rubaszek ( 2021 ) on ways to present competing forecast results. 16 https://github.com/european-central-bank/BEAR-toolbox , last accessed 22 July 2022.

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