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We propose a correction to this bias and show through simulations that it works well. Applying our corrected local projections estimator to the data from a panel of 99 countries observed between 1974 and 2001, we find that an average banking crisis yields a GDP loss of just under 10% in 10 years, with little sign of recovery. Like the original local projections method, our extension of it is widely applicable. Copyright \u00a9 2013 John Wiley &amp; Sons, Ltd.<\/jats:p>","DOI":"10.1002\/jae.2333","type":"journal-article","created":{"date-parts":[[2013,6,20]],"date-time":"2013-06-20T07:33:19Z","timestamp":1371713599000},"page":"497-514","source":"Crossref","is-referenced-by-count":197,"title":["IS ECONOMIC RECOVERY A MYTH? ROBUST ESTIMATION OF IMPULSE RESPONSES"],"prefix":"10.1002","volume":"29","author":[{"given":"Coen N.","family":"Teulings","sequence":"first","affiliation":[{"name":"CPB Netherlands Bureau of Economic Policy Analysis"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Nikolay","family":"Zubanov","sequence":"additional","affiliation":[{"name":"Erasmus University Rotterdam Erasmus School of Economics  Rotterdam The Netherlands"}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"311","published-online":{"date-parts":[[2013,6,20]]},"reference":[{"key":"e_1_2_7_2_1","doi-asserted-by":"publisher","DOI":"10.1111\/1468-0262.00441"},{"key":"e_1_2_7_3_1","unstructured":"CaiX Den HaanW.2009.Predicting recoveries and the importance of using enough information. Working paper. 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