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基于局部投影的双重差分方法AI 解读

ABSTRACT We propose a local projections (LPs)‐based difference‐in‐differences (DiD) approach that subsumes many of the recent solutions proposed in the literature to address possible biases arising from negative weighting. We combine LPs with a flexible “clean control” condition to define appropriate sets of treated and control units. Our proposed LP‐DiD estimator can be implemented with various weighting and normalization schemes for different target estimands, can be…

货币政策效应的半参数估计：重新审视“推绳子”理论AI 解读

We develop flexible semiparametric time series methods for the estimation of the causal effect of monetary policy on macroeconomic aggregates. Our estimator captures the average causal response to discrete policy interventions in a macrodynamic setting, without the need for assumptions about the process generating macroeconomic outcomes. The proposed estimation strategy, based on propensity score weighting, easily accommodates asymmetric and nonlinear responses. Using this…