{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,2,9]],"date-time":"2026-02-09T03:37:06Z","timestamp":1770608226347,"version":"3.49.0"},"reference-count":55,"publisher":"The Econometric Society","issue":"2","license":[{"start":{"date-parts":[[2020,1,1]],"date-time":"2020-01-01T00:00:00Z","timestamp":1577836800000},"content-version":"unspecified","delay-in-days":0,"URL":"http:\/\/creativecommons.org\/licenses\/by-nc\/4.0\/"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["QE"],"abstract":"<jats:p>Structural DSGE models are used for analyzing both policy and the sources of business cycles. Conclusions based on full structural models are, however, potentially affected by misspecification. A competing method is to use partially identified SVARs based on narrative shocks. This paper asks whether both approaches agree. Specifically, I use narrative data in a DSGE\u2010SVAR that partially identify policy shocks in the VAR and assess the fit of the DSGE model relative to this narrative benchmark. In developing this narrative DSGE\u2010SVAR, I develop a tractable Bayesian approach to proxy VARs and show that such an approach is valid for models with a certain class of Taylor rules. Estimating a DSGE\u2010SVAR based on a standard DSGE model with fiscal rules and narrative data, I find that the DSGE model identification is at odds with the narrative information as measured by the marginal likelihood. I trace this discrepancy to differences in impulse responses, identified historical shocks and policy rules. The results indicate monetary accommodation of fiscal shocks.<\/jats:p>","DOI":"10.3982\/qe1083","type":"journal-article","created":{"date-parts":[[2020,5,5]],"date-time":"2020-05-05T07:43:26Z","timestamp":1588664606000},"page":"801-837","source":"Crossref","is-referenced-by-count":17,"title":["A narrative approach to a fiscal DSGE model"],"prefix":"10.3982","volume":"11","author":[{"given":"Thorsten","family":"Drautzburg","sequence":"first","affiliation":[{"name":"Federal Reserve Bank of Philadelphia"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"2359","published-online":{"date-parts":[[2020]]},"reference":[{"key":"quan200089-bib-0001","unstructured":"Adjemian, S., H. Bastani, M. Juillard, F. Mihoubi, G. Perendia, M. Ratto, and S. Villemot (2011), \u201cDynare: Reference manual, version 4.\u201d Dynare Working Paper 1, CEPREMAP."},{"key":"quan200089-bib-0002","doi-asserted-by":"crossref","unstructured":"Amir-Ahmadi, P. and T. 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