English (United Kingdom)

https://curated-unify.zendy.io/wp-json/zendy-region/v1/featured_content/oa?rat=en

https://curated-unify.zendy.io/wp-json/zendy-region/v1/highlighted_journal/

Global: Zendy Plus annual

Presents the access of premium content as premium feature

Premium Content

Presents the keyphrase highlighting as premium feature

Keyphrase Highlighting

Presents the summarisation as premium feature

Summarisation

Insights

Presents the pdf analysis as premium feature

PDF Analysis

Presents the zaia usage as premium feature

ZAIA

Global: Zendy Plus monthly

Global: Zendy Tools annual

Global: Zendy Tools monthly

Global: Zendy Free Plan

Local Projection is widely used for impulse response estimation, with theFixed Effect (FE) estimator being the default for panel data. This paperhighlights the presence of Nickell bias for all regressors in the FE estimator,even if lagged dependent variables are absent in the regression. This bias isthe consequence of the inherent panel predictive specification. We recommendusing the split-panel jackknife estimator to eliminate the asymptotic bias andrestore the standard statistical inference. Revisiting three macro-financestudies on the linkage between financial crises and economic contraction, wefind that the FE estimator substantially underestimates the post-crisiseconomic losses.

Nickell Bias in Panel Local Projection: Financial Crises Are Worse Than You Think