This 2011 International Economic Review paper by Óscar Jordà and Sharon Kozicki proposes "projection minimum distance" (PMD), a two-step semiparametric estimator for macroeconomic models whose …
This 2005 American Economic Review paper by Òscar Jordà introduces "local projections" (LP) — a way to estimate impulse responses directly from a sequence of single-horizon regressions of the future …
PublishedClassicJournal of Economic LiteraturePublished Mar 2025
This 2025 Journal of Economic Literature survey takes stock of local projections (LP) as a general framework for estimating impulse responses, arguing that LPs "help bridge the divide between current …
Online FirstReview of Economic StudiesOnline 15 May 2026
This paper provides the first long-run causal evidence that a persistently loose stance of monetary policy — defined as extended periods of low interest rates relative to the neutral rate — …
PublishedClassicJournal of Money, Credit and BankingPublished Jun 2004
Demiralp and Jorda argue that since the Fed began publicly announcing its Federal funds rate target in 1994, it has manipulated short-term rates through a Pavlovian "announcement effect" -- moral …