Economics Theses and Dissertations

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Essays on the Asymmetric Effects of Monetary Policy
(University of Oregon, 2021-09-13) Stockwell, Thomas; Piger, Jeremy
The asymmetric effects of monetary policy is the idea that monetary policy actions have asymmetric effects on output and inflation across different states of the world or across different characteristics of the monetary policy action. In the existing literature, there are three types of asymmetry discussed. Monetary policy actions can have different effects depending on the direction of the action, the size of the action, and the phase of the business cycle that the action took place in. This is a topic that is of interest to policy makers around the world as they try to assess the impacts that their proposed policies will have on output and inflation. The asymmetric effects of monetary policy across the three dimensions listed above is the dominant theme of my dissertation. In Chapter 2, I study the asymmetric effects of monetary policy on output over the business cycle using a local projections model. In Chapter 3, I expand the model to include all three types of asymmetry. In Chapter 4, I use a simulation-based study to determine whether the differences specification or the levels specification with a time trend is the correct specification to run in the local projections models from Chapter 2 and Chapter 3.