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Impulse response
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===Economics=== In [[economics]], and especially in contemporary [[Model (macroeconomics)|macroeconomic modeling]], impulse response functions are used to describe how the economy reacts over time to [[exogenous]] impulses, which economists usually call [[Shock (economics)|shocks]], and are often modeled in the context of a [[vector autoregression]]. Impulses that are often treated as exogenous from a macroeconomic point of view include changes in [[government spending]], [[tax rate]]s, and other [[fiscal policy]] parameters; changes in the [[monetary base]] or other [[monetary policy]] parameters; changes in [[total factor productivity|productivity]] or other [[production function|technological]] parameters; and changes in [[Utility#Preference|preferences]], such as the degree of [[discount factor|impatience]]. Impulse response functions describe the reaction of [[Exogenous and endogenous variables|endogenous]] macroeconomic variables such as [[GDP|output]], [[Consumption (economics)|consumption]], [[Investment#Economics|investment]], and [[employment]] at the time of the shock and over subsequent points in time.<ref>{{cite book |author-link=Helmut Lütkepohl |first=Helmut |last=Lütkepohl |year=2008 |chapter=Impulse response function |title=The New Palgrave Dictionary of Economics |edition=2nd }}</ref><ref>{{cite book |author-link=James D. Hamilton |first=James D. |last=Hamilton |year=1994 |title=Time Series Analysis |chapter=Difference Equations |page=5 |publisher=Princeton University Press |isbn=0-691-04289-6 }}</ref> Recently, asymmetric impulse response functions have been suggested in the literature that separate the impact of a positive shock from a negative one.<ref>{{cite journal |last=Hatemi-J |first=A. | year=2014 |title= Asymmetric generalized impulse responses with an application in finance |journal=[[Economic Modelling]] |volume=36 |pages=18–2 |doi=10.1016/j.econmod.2013.09.014 |url=https://ideas.repec.org/a/eee/ecmode/v36y2014icp18-22.html|url-access=subscription }}</ref>
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