Publications

locproj estimates linear and nonlinear Impulse Response Functions (IRF) based on the local projections methodology first proposed(LP) by Jordà (2005). The procedure allows for the easy implementation of several options used in the growing literature of LP.

We examine the transmission of monetary policy shocks to the macroeconomy at high frequency. To do this, we build daily consumption and investment aggregates using bank transaction records and leverage administrative data for measures of daily gross output and employment for Spain.

This paper delivers the first comprehensive estimate of the dynamic fiscal multiplier of defence spending for the EU-27 by exploiting exogenous accrual-based government defence outlays and a combination of linear and non-linear Local Projection methods.

This Working Paper analyzes the trend in regional revenues and expenditure, including the sector’s budget balance and its debt position from 2003 through to the present day.

Using a panel data local projections model and controlling for firm characteristics, procurement bid attributes, and macroeconomic conditions, the study estimates the dynamic effects of procurement awards on new lending, a more precise measure than the change in the stock of credit.

This Working Paper examines the transmission of monetary policy shocks to the macroeconomy at high frequency. To do this, daily consumption and investment aggregates are constructed using bank transaction records and administrative data to measure daily gross output and employment in Spain.

Tourism activities are highly dependent on weather conditions, and hence, vulnerable to the impact of climate change. Our analysis of Turkish tourism demand within the context of climate conditions points to possible changes in seasonality and quantity of tourism flows across provinces, depending on their tourism type.

This study examines how inflation in 2021 affected wealth inequality in Spain through three channels: the traditional wealth channel, the income channel, and the relative consumption channel. The wealth and income channels had significantly larger effects than the consumption channel.