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A wide body of literature focuses on business cycle asymmetries using macroeconomic time series data from developed countries but the impact of unitary monetary policy sock has not yet been addressed by the empirical researchers. Using parametric techniques such as alternate regime switching models and the other nonparametric techniques this book tests business cycle asymmetries in small open economies e.g. Barbados, Trinidad, and Jamaica macroeconomic time series. The book also identifies the impact of unitary monetary policy or any other shock in one of the economies studied. The analysis of the book might be useful for students, researchers, and policymakers in small open economies particularly for those who would like to understand the effective use of stabilization policies.