Local Projections

Òscar Jordà · Sharon Kozicki

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 …

Òscar Jordà

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 …

Nina Biljanovska · Francesco Grigoli · Martina Hengge

Economic policy uncertainty depresses growth in output, consumption and investment -- and about two-thirds of that effect comes from uncertainty originating in other countries rather than at home. …

Mikkel Plagborg-Møller · Christian K. Wolf

This 2022 Journal of Political Economy paper by Mikkel Plagborg-Møller and Christian K. Wolf asks what an external instrument (a proxy correlated with one structural shock and uncorrelated with the …

José Luis Montiel Olea · Mikkel Plagborg-Møller

This 2021 Econometrica paper by José Luis Montiel Olea and Mikkel Plagborg-Møller studies what inference procedure applied researchers should use for local-projection (LP) estimates of impulse …

Òscar Jordà · Alan M. Taylor

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 …

Mikkel Plagborg-Møller · Christian K. Wolf

This 2021 Econometrica paper by Mikkel Plagborg-Møller and Christian K. Wolf proves that local-projection (LP) and vector-autoregression (VAR) based impulse-response estimators are, at the population …

Dake Li · Mikkel Plagborg-Møller · Christian K. Wolf

This 2024 Journal of Econometrics paper by Dake Li, Mikkel Plagborg-Møller, and Christian K. Wolf asks a purely practical question rather than proposing a new estimator or identification scheme: when …

Lucas Hafemann · Peter Tillmann

This 2020 International Journal of Central Banking paper by Lucas Hafemann and Peter Tillmann studies how ECB monetary policy transmits to the euro area as a whole and, separately, across individual …

S. Borağan Aruoba · Thomas Drechsel

This 2024 Journal of Monetary Economics paper by S. Borağan Aruoba and Thomas Drechsel asks why the aggregate U.S.

David Bügel · Albert Hidalgo · Ralph Luetticke

Asking whether unconventional monetary policy works differently from an interest-rate cut has been hard to answer because the two kinds of policy have been measured with different tools, so any …