Pushing on a String: US Monetary Policy Is Less Powerful in Recessions
研究发现美国货币政策对经济的影响在经济衰退时较弱，尤其是对耐用品支出和企业投资，这种不对称性与经济增长速度有关而非资源利用率。
We investigate how the response of the US economy to monetary policy shocks depends on the state of the business cycle. The effects of monetary policy are less powerful in recessions, especially for durables expenditure and business investment. The asymmetry relates to how fast the economy is growing, rather than to the level of resource utilization. There is some evidence that fiscal policy has counteracted monetary policy in recessions but reinforced it in booms. We also find evidence that contractionary policy shocks are more powerful than expansionary shocks, but contractionary shocks have not been more common in booms. So this asymmetry cannot explain our main finding.