**[Three ways the new 'BVAR' can be different from the old 'BVAR']**(2010/11/11)

- The new version does not require R package *MSBVAR* installation.
- Unlike the previous BVAR which provides the Sims-Zha (IER, 1998) priors only, the new BVAR provides the 5 different prior;

Normal-Wishart (default), Normal-flat (Sims-Zha priors), conjugate Normal-Wishart, Minnesota/Litterman (Koop-Korobilis; 2009), and Diffuse priors. - Added marginal likelihood computation.

**[Change log]**

- 2010/11/30 Added model object option (command option "m=model name"; e.g. bvar(m=model) y x1 x2 x3)
- 2011/01/10 Corrected IRFs
- 2011/01/20 Make "the list of endogenous variables" box bigger
- 2011/03/22 Updated command lines

- E.g. bvar 2 gdp interest inflation

E.g. bvar(prior=1) 2 gdp interest inflation

**Note: the first argument is the number of lags!** - 2012/02/23 Updated the options for the Ko-Ko priors

- Selection for the mean and cov of coefficient parameters (BETA ~ N(B0*iota, V0*Identity))

Selection for the degrees of freedom and scale matrix of residual parameters (SIGMA ~ W(NU0,S0*identity)).

Please note that B0,V0, NU0 and S0 are all scalars. - 2012/03/23 Edited documentation
- 2012/05/24 Added a new error message