“…Apart from that, semi-structural approaches may not su¢ ce to identify the structural driving forces behind the estimated natural rates. For the above-4 See, e.g., Clark and Kozicki (2005), Trehan and Wu (2007), Kiley (2015), Pescatori and Turunen (2015), for the U.S., Mesonnier and Renne (2007) and Fries et al (2018) for the euro area, Berger and Kempa (2014) for Canada, Armelius et al (2018) for Sweden, Neto and Candido (2018) for Brazil, Wynne and Zhang (2018a) for the U.S. and Japan, Holston et al (2017) for Canada, the euro area, the U.S., and the U.K, and Wynne and Zhang (2018b) for the world and so forth.…”