have a minor impact on exchange rate fluctuations, again in contrast to
some of the literature.
Our results are sharper than the results of Faust and Rogers (2003) who
find that the behavior of the exchange rate is very sensitive to different iden-
tification schemes. The sharpening is due to imposing more (and we argue,
sensible) identifiying restrictions compared to the rather loose on-impact re-
strictions in Faust and Rogers. In contrast to these authors, we do not re-
strict the reaction of the exchange rate, though, and view our methodology
as providing posterior distributions, rather than a sensitivity analysis.
24
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