Inflation Rate
1
Output
2
Consumption (Aggregate)
2 4 6 8 10
2 4 6 8 10
-1
Nominal Interest Rate
Real Wage
0
0.4
0.2
0
2 4 6 8 10
NK Model---NK Model with FA---2-sector NK Model
Figure 4: Estimated Impulse Responses to a Productivity Shock♦
♦ Each panel plots the mean response corresponding a positive one standard deviation shock.
Each response is for a 10 quarters (2.5 years) horizon. All DSGE impulse responses are computed
simulating the vector of DSGE model parameters at the posterior mean values reported in Table 3.
47
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