Which literary technique is characterized by the use of exaggerated statements for effect?

The literary technique characterized by the use of exaggerated statements for effect is hyperbole. Hyperbole is a common device in both poetry and prose, where the author uses deliberate and extreme exaggerations to emphasize a point or evoke strong feelings. This can create a sense of grandeur, humor, or intensity that enhances the reader's experience and understanding of the underlying themes or emotions being conveyed.

In contrast, metaphor involves making a comparison between two unlike things without using "like" or "as," which helps to illustrate more abstract concepts. Alliteration refers to the repetition of the initial consonant sounds in nearby words and is often used to create rhythm or focus on particular phrases, but it does not involve exaggeration. Irony, on the other hand, is a technique where the intended meaning is opposite to the literal meaning, often creating a gap between expectation and reality, but it also does not rely on exaggeration. Thus, hyperbole stands out as the correct answer for its specific use of exaggeration for effect.