Pushing on a String: US Monetary Policy is Less Powerful in Recessions

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Monetary Policy and the Redistribution Channel (2017, unknown): “to lower output by more than falls increase it (Cover 1992; de Long and Summers 1988; Tenreyro and Thwaites 2016).”
The Long-Run Effects of Monetary Policy (2020, background): “…found supportive evidence of short-horizon “pushing on a string” features of expansionary monetary policy shocks (e.g., Angrist, Jordà, and Kuersteiner, 2018; Tenreyro and Thwaites, 2016).23 23Beyond monetary policy, Barnichon, Debortoli, and Matthes (2021) find asymmetry in the fiscal multiplier.”
Bank lending in uncertain times (2020, unknown): “[53] Tenreyro, Silvana and Gregory Thwaites, 2016.”
Financial Heterogeneity and the Investment Channel of Monetary Policy (2018, unknown): “Hence, despite the fact that risky constrained firms are less responsive than risk-free constrained firms, both types of constrained firms are 21Tenreyro and Thwaites (2016) provide time-series evidence that monetary shocks are less powerful in recessions, which is broadly consistent with the implic”