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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