{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,9,8]],"date-time":"2026-09-08T16:12:07Z","timestamp":1788883927244,"version":"build-2803163510"},"reference-count":34,"publisher":"The Econometric Society","issue":"3","license":[{"start":{"date-parts":[[2026,1,1]],"date-time":"2026-01-01T00:00:00Z","timestamp":1767225600000},"content-version":"unspecified","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by-nc\/4.0\/legalcode"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["QE"],"abstract":"<jats:p>Large VARs are increasingly used in structural analysis as a unified framework to study the impacts of multiple structural shocks simultaneously. However, the concurrent identification of multiple shocks using sign and ranking restrictions poses significant practical challenges to the point where existing algorithms cannot be used with such large VARs. To address this, we introduce a new numerically efficient algorithm that facilitates the estimation of impulse responses and related measures in large structural VARs identified with a large number of structural restrictions on impulse responses. The methodology is illustrated using a 35\u2010variable VAR with over 100 sign and ranking restrictions to identify 8 structural shocks.<\/jats:p>","DOI":"10.3982\/qe2529","type":"journal-article","created":{"date-parts":[[2026,7,3]],"date-time":"2026-07-03T11:13:34Z","timestamp":1783077214000},"page":"709-740","source":"Crossref","is-referenced-by-count":2,"title":["Large structural VARs with multiple sign and ranking restrictions"],"prefix":"10.3982","volume":"17","author":[{"given":"Joshua C. C.","family":"Chan","sequence":"first","affiliation":[{"name":"Department of Economics, Purdue University"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Christian","family":"Matthes","sequence":"additional","affiliation":[{"name":"Department of Economics, University of Notre Dame"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Xuewen","family":"Yu","sequence":"additional","affiliation":[{"name":"Department of Applied Economics, School of Management, Fudan University"}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"2359","published-online":{"date-parts":[[2026]]},"reference":[{"issue":"1","key":"quan70023-bib-0001","doi-asserted-by":"crossref","first-page":"1","DOI":"10.3982\/QE1277","volume":"12","author":"Amir-Ahmadi","year":"2021","journal-title":"Quantitative Economics"},{"issue":"2","key":"quan70023-bib-0002","doi-asserted-by":"crossref","first-page":"685","DOI":"10.3982\/ECTA14468","volume":"86","author":"Arias","year":"2018","journal-title":"Econometrica"},{"key":"quan70023-bib-0003","doi-asserted-by":"crossref","unstructured":"Arias, Jonas, Juan F. Rubio-Ramirez, Minchul Shin, and Daniel F. Waggoner (2024), \u201cInference based on time-varying SVARs identified with time restrictions.\u201d FRB Atlanta Working Paper.","DOI":"10.21799\/frbp.wp.2024.18"},{"issue":"1","key":"quan70023-bib-0004","doi-asserted-by":"crossref","first-page":"71","DOI":"10.1002\/jae.1137","volume":"25","author":"Banbura","year":"2010","journal-title":"Journal of Applied Econometrics"},{"issue":"5","key":"quan70023-bib-0005","doi-asserted-by":"crossref","first-page":"1963","DOI":"10.3982\/ECTA12356","volume":"83","author":"Baumeister","year":"2015","journal-title":"Econometrica"},{"key":"quan70023-bib-0006","doi-asserted-by":"crossref","first-page":"48","DOI":"10.1016\/j.jmoneco.2018.06.005","volume":"100","author":"Baumeister","year":"2018","journal-title":"Journal of Monetary Economics"},{"issue":"4","key":"quan70023-bib-0007","doi-asserted-by":"crossref","first-page":"1293","DOI":"10.1257\/aer.96.4.1293","volume":"96","author":"Beaudry","year":"2006","journal-title":"American Economic Review"},{"issue":"4","key":"quan70023-bib-0008","doi-asserted-by":"crossref","first-page":"1221","DOI":"10.3982\/QE2207","volume":"14","author":"Bruns","year":"2023","journal-title":"Quantitative Economics"},{"issue":"1","key":"quan70023-bib-0009","first-page":"157","volume":"11","author":"Caldara","year":"2019","journal-title":"American Economic Journal: Macroeconomics"},{"issue":"6","key":"quan70023-bib-0010","doi-asserted-by":"crossref","first-page":"1131","DOI":"10.1016\/S0304-3932(02)00145-9","volume":"49","author":"Canova","year":"2002","journal-title":"Journal of Monetary Economics"},{"issue":"4","key":"quan70023-bib-0011","doi-asserted-by":"crossref","first-page":"345","DOI":"10.1016\/j.jmoneco.2011.07.005","volume":"58","author":"Canova","year":"2011","journal-title":"Journal of Monetary Economics"},{"issue":"2","key":"quan70023-bib-0012","doi-asserted-by":"crossref","first-page":"400","DOI":"10.1016\/j.ijforecast.2009.01.007","volume":"25","author":"Carriero","year":"2009","journal-title":"International Journal of Forecasting"},{"issue":"3","key":"quan70023-bib-0013","doi-asserted-by":"crossref","first-page":"1145","DOI":"10.3982\/QE1381","volume":"13","author":"Chan","year":"2022","journal-title":"Quantitative Economics"},{"key":"quan70023-bib-0014","unstructured":"Chan, Joshua C. C., Eric Eisenstat, and Xuewen Yu (2022), \u201cLarge Bayesian VARs with factor stochastic volatility: Identification, order invariance and structural analysis.\u201d arXiv:2207.03988. arXiv preprint."},{"key":"quan70023-bib-0015","doi-asserted-by":"crossref","unstructured":"Crump, Richard K., Stefano Eusepi, Domenico Giannone, Eric Qian, and Argia M. Sbordone (2021), \u201cA large Bayesian VAR of the United States economy.\u201d FRB of New York Staff Report No. 976.","DOI":"10.2139\/ssrn.3908154"},{"issue":"4","key":"quan70023-bib-0016","doi-asserted-by":"crossref","first-page":"969","DOI":"10.1111\/jeea.12080","volume":"12","author":"De Graeve","year":"2014","journal-title":"Journal of the European Economic Association"},{"key":"quan70023-bib-0017","doi-asserted-by":"crossref","first-page":"13","DOI":"10.1016\/j.jmoneco.2017.06.002","volume":"90","author":"Ellahie","year":"2017","journal-title":"Journal of Monetary Economics"},{"key":"quan70023-bib-0018","first-page":"207","volume-title":"Carnegie-Rochester Conference Series on Public Policy","volume":"49","author":"Faust","year":"1998"},{"issue":"617","key":"quan70023-bib-0019","doi-asserted-by":"crossref","first-page":"311","DOI":"10.1111\/ecoj.12520","volume":"129","author":"Furlanetto","year":"2019","journal-title":"The Economic Journal"},{"key":"quan70023-bib-0020","doi-asserted-by":"crossref","unstructured":"Gambetti, L. (2021), \u201cShocks, information, and structural VARs.\u201d Oxford Research Encyclopedia of Economics and Finance.","DOI":"10.1093\/acrefore\/9780190625979.013.621"},{"key":"quan70023-bib-0021","first-page":"77","volume-title":"Rational Expectations Econometrics","author":"Hansen","year":"1991"},{"issue":"1","key":"quan70023-bib-0022","doi-asserted-by":"crossref","first-page":"115","DOI":"10.1198\/jbes.2009.07278","volume":"28","author":"Kociecki","year":"2010","journal-title":"Journal of Business and Economic Statistics"},{"issue":"2","key":"quan70023-bib-0023","doi-asserted-by":"crossref","first-page":"177","DOI":"10.1002\/jae.1270","volume":"28","author":"Koop","year":"2013","journal-title":"Journal of Applied Econometrics"},{"key":"quan70023-bib-0024","doi-asserted-by":"crossref","DOI":"10.1016\/j.euroecorev.2022.104241","volume":"148","author":"Korobilis","year":"2022","journal-title":"European Economic Review"},{"issue":"2","key":"quan70023-bib-0025","doi-asserted-by":"crossref","first-page":"1","DOI":"10.2307\/2534619","volume":"1996","author":"Leeper","year":"1996","journal-title":"Brookings papers on economic activity"},{"issue":"3","key":"quan70023-bib-0026","first-page":"644","volume":"83","author":"Lippi","year":"1993","journal-title":"Comment. The American Economic Review"},{"issue":"1","key":"quan70023-bib-0027","doi-asserted-by":"crossref","first-page":"307","DOI":"10.1016\/0304-4076(93)01570-C","volume":"63","author":"Lippi","year":"1994","journal-title":"Journal of Econometrics"},{"key":"quan70023-bib-0028","doi-asserted-by":"crossref","first-page":"105","DOI":"10.1016\/j.jmoneco.2021.12.001","volume":"126","author":"Loria","year":"2022","journal-title":"Journal of Monetary Economics"},{"key":"quan70023-bib-0029","doi-asserted-by":"crossref","DOI":"10.1007\/978-3-540-27752-1","volume-title":"New Introduction to Multiple Time Series Analysis","author":"L\u00fctkepohl","year":"2005"},{"key":"quan70023-bib-0030","doi-asserted-by":"crossref","DOI":"10.1002\/9780470316559","volume-title":"Aspects of Multivariate Statistical Theory","author":"Muirhead","year":"1982"},{"issue":"3","key":"quan70023-bib-0031","doi-asserted-by":"crossref","first-page":"699","DOI":"10.1093\/ectj\/utac009","volume":"25","author":"Read","year":"2022","journal-title":"The Econometrics Journal"},{"issue":"2","key":"quan70023-bib-0032","doi-asserted-by":"crossref","first-page":"665","DOI":"10.1111\/j.1467-937X.2009.00578.x","volume":"77","author":"Rubio-Ramirez","year":"2010","journal-title":"The Review of Economic Studies"},{"key":"quan70023-bib-0033","doi-asserted-by":"crossref","first-page":"1","DOI":"10.2307\/1912017","volume":"48","author":"Sims","year":"1980","journal-title":"Econometrica"},{"issue":"2","key":"quan70023-bib-0034","doi-asserted-by":"crossref","first-page":"381","DOI":"10.1016\/j.jmoneco.2004.05.007","volume":"52","author":"Uhlig","year":"2005","journal-title":"Journal of Monetary Economics"}],"container-title":["Quantitative Economics"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/onlinelibrary.wiley.com\/doi\/pdf\/10.3982\/QE2529","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2026,7,3]],"date-time":"2026-07-03T11:15:52Z","timestamp":1783077352000},"score":1,"resource":{"primary":{"URL":"https:\/\/www.econometricsociety.org\/doi\/10.3982\/QE2529"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2026]]},"references-count":34,"journal-issue":{"issue":"3","published-online":{"date-parts":[[2026]]}},"alternative-id":["10.3982\/QE2529"],"URL":"https:\/\/doi.org\/10.3982\/qe2529","relation":{},"ISSN":["1759-7323"],"issn-type":[{"value":"1759-7323","type":"print"}],"subject":[],"published":{"date-parts":[[2026]]}}}