I have monthly shock series, which I want to convert to quarterly form. I have seen several methods like taking average of 3 months or summing 3 months for making a quarter. I would like to know how I can know which method is useful for me. Taking average or summing? Or is it something about personal choice in research methodology?
I intend to get impulse responses of real GDP to news shocks (which are already available). My GDP series are in quarterly form and my shock series in monthly form. So I need to convert shock series to quarterly form and do local projections.