Eichenbaum-
Evans
EE
BIG
0.3
0.1
0
-0.1
US/UK q
0.5
0
У -0.5
-1
1.50 1 2 3 4 5
years
US i
0.2
0.1
0.10 1 2 3 4 5
years
y*
US p
-0.3
0 1 2 3 4 5
years
0.5
US y
0
0 1 2 3 4 5
years
UK y*
0.5
0
-0.5
10 1 2 3 4 5
years
0
-
-
Figure 8: Comparison of results. For a US monetary policy contraction and
the US-UK country pair, we compare the benchmark identification in EE to
the BIG specification and the original identification of Eichenbaum-Evans.
Note the “price puzzle” in the Eichenbaum-Evans column.
41
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