In this paper, I analyse how the response of the UK economy to monetary policy shocks depends on the state of the economy, or the sign or size of the shock. Monetary policy shocks are identified by extending the Cloyne and Hürtgen (2016) approach to allow for time variation in the central bank reaction function. These shocks are used to estimate impulse responses by local projections to investigate asymmetries in the transmission mechanism. The main result is that shocks that occur during economic booms have significantly larger effects than those that occur during recessions. In addition, I find that expansionary shocks are more powerful than contractionary shocks, and that large shocks have a proportionally weaker effect on output than small shocks. The results are robust to alternative monetary policy shock identification methods and variations in the empirical specification.

中文翻译：

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货币政策的不对称效应：来自英国的证据*

在本文中，我分析了英国经济对货币政策冲击的反应如何取决于经济状况或冲击的迹象或规模。通过扩展 Cloyne 和 Hürtgen (2016) 的方法来识别货币政策冲击，以允许中央银行反应函数的时间变化。这些冲击用于通过局部投影来估计脉冲响应，以研究传输机制中的不对称性。主要结果是，在经济繁荣期间发生的冲击比在衰退期间发生的冲击产生的影响要大得多。此外，我发现扩张性冲击比收缩性冲击更强大，而且大冲击对产出的影响比小冲击要弱。