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Is Bigger More Effective? Shock Size And The Efficacy Of Monetary Policy

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  • Shirota, Toyoichiro

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.

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  • Shirota, Toyoichiro, 2022. "Is Bigger More Effective? Shock Size And The Efficacy Of Monetary Policy," Macroeconomic Dynamics, Cambridge University Press, vol. 26(8), pages 2204-2215, December.
    • Handle: RePEc:cup:macdyn:v:26:y:2022:i:8:p:2204-2215_8
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