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https://www.aeaweb.org/articles?id=10.1257/mac.20150016 Pushing on a String: US Monetary Policy Is Less Powerful in Recessions - American Economic... Pushing on a String: US Monetary Policy Is Less Powerful in Recessions by Silvana Tenreyro and Gregory Thwaites. Published in volume 8, issue 4, pages 43-74 of... pushing on a string https://ideas.repec.org/p/cpr/ceprdp/10786.html Pushing on a String: US Monetary Policy is Less Powerful in Recessions Downloadable (with restrictions)! We estimate the impulse response of key US macro series to the monetary policy shocks identified by Romer and Romer (2004),... pushing on a string monetary policy