Bayesian IRFs look different from the regular ones

[JX2016]

Dear Pfeifer, I wonder what it means when the dynamics of bayeisan IRFs look different from the regular IRFs?


For example, output response positively to positive net worth shocks in the regular IRFs.

but it responses negatively to positive net worth shocks in the Bayesian IRFs.



Thanks in advance

[jpfeifer]

What do you mean with "regular ones". I presume that the Bayesian IRFs are generated with different because estimated parameters.