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IS BIGGER MORE EFFECTIVE? SHOCK SIZE AND THE EFFICACY OF MONETARY POLICY
Toyoichiro Shirota
Journal:

Macroeconomic Dynamics / Volume 26 / Issue 8 / December 2022

Published online by Cambridge University Press:

09 June 2021, pp. 2204-2215
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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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IS BIGGER MORE EFFECTIVE? SHOCK SIZE AND THE EFFICACY OF MONETARY POLICY