Pith Number

pith:R7DSHWQU

pith:2026:R7DSHWQU2SVHKVZ7SOV7LTYBTU

not attested not anchored not stored refs pending

Causal State-Dependent Local Projections

Joel M. David, Raffaella Giacomini, Weining Wang, Xiyu Jiao

State-dependent local projections recover causal impulse responses under a linearity condition that holds in many models.

arxiv:2605.05404 v2 · 2026-05-06 · econ.EM

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\pithnumber{R7DSHWQU2SVHKVZ7SOV7LTYBTU}

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4 Citations open

5 Replications open

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The bundle contains the canonical record plus signed events. A mirror can host it anywhere and recompute the same current state with the deterministic merge algorithm.

Claims

C1strongest claim

We show that this interpretation obtains under the sufficient condition that the conditional mean is linear in the aggregate shock at each horizon, and that this condition holds in a broad class of canonical micro-macro environments, including first-order perturbation solutions of heterogeneous-agent models and macro-finance models.

C2weakest assumption

The sufficient condition that the conditional mean is linear in the aggregate shock at each horizon (and that this linearity holds in the relevant class of models).

C3one line summary

State-dependent local projections recover causal responses when the conditional mean is linear in the shock, a new sieve nonparametric estimator restores this interpretation with valid inference, and empirical application shows material changes in heterogeneous firm investment responses to monetary

Receipt and verification

First computed	2026-05-20T00:03:14.260361Z
Builder	pith-number-builder-2026-05-17-v1
Signature	Pith Ed25519 (`pith-v1-2026-05`) · public key
Schema	pith-number/v1.0

Canonical hash

8fc723da14d4aa75573f93abf5cf019d08d262e9d834ccd1f987380e7a38f5fe

Aliases

arxiv: 2605.05404 · arxiv_version: 2605.05404v2 · doi: 10.48550/arxiv.2605.05404 · pith_short_12: R7DSHWQU2SVH · pith_short_16: R7DSHWQU2SVHKVZ7 · pith_short_8: R7DSHWQU

Agent API

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Verify this Pith Number yourself

curl -sH 'Accept: application/ld+json' https://pith.science/pith/R7DSHWQU2SVHKVZ7SOV7LTYBTU \
  | jq -c '.canonical_record' \
  | python3 -c "import sys,json,hashlib; b=json.dumps(json.loads(sys.stdin.read()), sort_keys=True, separators=(',',':'), ensure_ascii=False).encode(); print(hashlib.sha256(b).hexdigest())"
# expect: 8fc723da14d4aa75573f93abf5cf019d08d262e9d834ccd1f987380e7a38f5fe

Canonical record JSON

{
  "metadata": {
    "abstract_canon_sha256": "3ad50a8d4bfcb5e3a9174b6386c2bbdf7a1144f93efba3b7f093dc59f82ce7b3",
    "cross_cats_sorted": [],
    "license": "http://arxiv.org/licenses/nonexclusive-distrib/1.0/",
    "primary_cat": "econ.EM",
    "submitted_at": "2026-05-06T19:41:03Z",
    "title_canon_sha256": "a68db49c16b2f56f257049b3739ea04c0cabc178e507bbdf2111dbb6b681345a"
  },
  "schema_version": "1.0",
  "source": {
    "id": "2605.05404",
    "kind": "arxiv",
    "version": 2
  }
}