US-Ger
US-UK
US-Japan
s
q
ρ
y
*
y
i
i*
i - i*
US/UK s
years
US/JP s
1 2 3 4 5
years
USjUIK q
US/GE q
0.51------------'------------'--------
1.50 1 2 3 4 5
years
0 1 2 3 4 5
years
US i
.10 1 2 3 4 5
years
USJP q
1 2 3 4 5
years
US/UK ρ0,k
20 1 2 3 4 5
years
0.
0.
û. -0.
-0.
-0.
years
US/UK i-*
0.
0.
0.
-0.
years
US i
.10 1 2 3 4 5
years
Figure 13: This figure shows impulse responses to a US monetary policy
contraction for the BIG VAR, using K = 11.
46
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