TBALTo Be Announced Later
TBALThe Bristol Art Library (est. 1998; UK)
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The variance decompositions show that, except for the impact of GBAL on TBAL, each variable explains an insignificant proportion (using Runkle's criterion) of any other variable's variance.
22) The major finding that the only significant explanatory linkage is the one running from GBAL innovations to TBAL appears robust to the particular measure of government balances employed.
Specifically, the impact of GBAL innovations on TBAL falls to 12.
The impulse response function showing the impact of (a cyclically adjusted) GBAL on TBAL closely mimics that in Figure 1 from the primary model.