RICHMOND, Virginia, June 24 (TNSLrpt) -- A working paper from the Federal Reserve Bank of Richmond in June 2025 warns that a widely used econometric technique, known as "max-share identification," may be systematically misidentifying crucial economic shocks like Total Factor Productivity (TFP) news and business cycle shocks. The paper, titled "Max-Share Misidentification" (WP 25-02), argues that the method relies on "substantially more stringent" conditions than pre . . .

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