We prove that local projections (LPs) and Vector Autoregressions (VARs) estimate the same
impulse responses. This nonparametric result only requires unrestricted lag structures. We …

This paper studies the economic impacts of carbon pricing. Exploiting institutional features of
the European carbon market and high-frequency data, I document that a tighter carbon …

US monetary policy shocks induce comovements in the international financial variables that
characterize the “Global Financial Cycle.” A single global factor that explains an important …

Commonly used instruments for the identification of monetary policy disturbances are likely
to combine the true policy shock with information about the state of the economy due to the …

We conduct a simulation study of Local Projection (LP) and Vector Autoregression (VAR)
estimators of structural impulse responses across thousands of data generating processes …

This paper studies how changes in oil supply expectations affect the oil price and the
macroeconomy. Using a novel identification design, exploiting institutional features of OPEC …

This paper evaluates the impact of quantitative easing on income and wealth of individual
euro area households. We first estimate the aggregate effects of a quantitative easing (QE) …

ABSTRACT I separately identify and estimate the effects of the Federal Reserve's federal
funds rate, forward guidance, and large-scale asset purchase (LSAP) policies on the US …

Contrary to historical episodes, the 2022–2023 tightening of US monetary policy has not yet
triggered financial crisis in emerging markets. Why is this time different? To answer this …

We extend the high-frequency monetary policy shock measures of Kuttner (2001) and
Gürkaynak, Sack, and Swanson (2005a) to other major types of Fed communication beyond …