New Evidence on the Puzzles. Results from Agnostic Identification on Monetary Policy and Exchange Rates.



Г*


US-Ger


US-UK



US-Japan


JP r




0     1      2     3     4     5

years


p*







0.2


*

m

nbrx


US nbrx



0⅞     1     2     3    4    5

years


.60       1       2       3       4       5

years



0      1      2      3     4     5

years


Figure 13, impulse responses to US monetary policy contraction for the BIG
VAR, continued.

47



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