Is bigger more effective? shock size and the efficacy of monetary policy
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The Us
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Abstract This study empirically examines whether shock size matters for the US monetary policy effects. Using a nonlinear local projection method, I find that large monetary policy shocks are less powerful than smaller monetary policy shocks, with the information effect being the potential source of the observed asymmetry in monetary policy efficacy.
2016 ◽
Vol 24
(8)
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pp. 553-558
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2020 ◽
Vol 20
(2)
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pp. 15-26
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