Term Premia and Inflation Uncertainty: Empirical Evidence from an International Panel Dataset: Reply
回复了Bauer等人对Wright(2011)的评论，指出宏观金融VAR的偏差校正估计不如最大似然估计合理，基于与调查数据的比较。
Bauer, Rudebusch, and Wu (2014) advocate the use of bias-corrected estimates in their comment on Wright (2011). Econometric estimation of a macro-finance VAR provides quite imprecise estimates of future short-term interest rates. Nonetheless, comparison with survey responses indicates that the proposed bias-corrected point estimates are less plausible than their maximum-likelihood counterparts.