EE
US-Ger
US-UK
US-Japan
0.
0.5
0
s -0.5
-1
-15
1
.5
2
1
BIG
US/GE q
0 1 2 3 4 5
years
US/UK q
0 1 2 3 4 5
years
US/JP q
1 2 3 4 5
years
Eich.-Evans
-1
-0.5
-1n
Figure 7: Impulse response function for the real exchange rate, conditional on
a US monetary policy contraction. We compare the benchmark specification
identification in the EE VAR specification to the identification in the BIG
VAR to the original Eichenbaum-Evans recursive identification.
40
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