Krahasoni metodat

	VAR me parametra që ndryshojnë me kohën dhe të pasuruar me faktorë	Projektime Lokale
Fusha	Ekonometri	Ekonometri
Familja	Regression model	Regression model
Viti i origjinës	2005	2005
Krijuesi	Bernanke, Boivin, and Eliasz	Oscar Jorda
Lloji	Time-varying system	Multi-horizon regression
Burimi themelues	Bernanke, B. S., Boivin, J., & Eliasz, P. S. (2005). Measuring monetary policy. Journal of Political Economy, 113(1), 161-208.	Jorda, O. (2005). Estimation and inference of impulse responses by local projections. American Economic Review, 95(1), 161-182.
Emërtime të tjera	Dynamic factor model with time-varying parameters	LP-IR, Multi-horizon regression
Të lidhura	3	3
Përmbledhja	TVP-FAVAR is a hybrid framework combining factor-augmented VARs with time-varying parameter estimation via Kalman filtering. Introduced by Bernanke et al. (2005) and refined by Primiceri (2005), it extracts latent economic factors (e.g., a 'common monetary policy shock') from high-dimensional data while allowing VAR coefficients to evolve stochastically over time. This framework captures both reduced-dimensionality patterns and structural instability, making it ideal for studying evolving policy regimes and shock dynamics.	Local Projections (LP) is a semi-parametric method for estimating impulse responses directly via multi-horizon regressions, bypassing VAR-model specification. Introduced by Jorda (2005), it projects outcomes h periods ahead onto current shocks and lags, producing impulse-response functions without assuming a particular lag structure or VAR order. This flexibility has made it the dominant approach in applied macroeconomics for measuring policy effects and shock transmission.