Publications

Here are all of our publications listed chronologically. You can also find the publications relating to single geography under “Publications by geography” or narrow down your search using the “Advanced filter”.

Latest publications on Local projections

Global | locproj and lpgraph: Stata commands to estimate Local Projections

21 July 2025

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.

Big Data techniques used

Spain | The Short Lags of Monetary Policy

3 July 2025

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.

Europe | Buy Guns or Buy Roses?: EU Defence Spending Fiscal Multipliers

13 June 2025

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.

Big Data techniques used

Spain | What can 240,000 new credit transactions tell us about the impact of NGEU funds?

18 March 2025

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.

Big Data techniques used

Spain | The Short Lags of Monetary Policy

6 March 2025

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.

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