US-Ger
US-UK
US-Japan
q (real exch.rate):
posterior distrib. for sign of real exch. rate response
100
US/GE q ≥ 0
100
US/UK q ≥ 0
US/JP q ≥ 0
100 ---------------1---------------1---------------1---------------1---------------1---------------1---------------1---------------1---------------1---------------1---------------1---------------1 100 ---------------1---------------1---------------1---------------1---------------1---------------1---------------1---------------1---------------1---------------1---------------1---------------1 100---------------1---------------1---------------1---------------1---------------1---------------1---------------1---------------1---------------1---------------1---------------1-------------
g- g- rfMMBM⅛⅛
1 mi il in ni ι Iiiiiiiiiiii
Iiiiiiiiiiiiiii Iiiiiiiiiii
0
0
n
0
0 5 10 15 20 25 30 35 40 45 5 0 55 60
Months
0
0 5 10 15 20 25 30 35 40 45 50 55 60
Months
0---------------------------------------------------------------------------------------------
0 5 10 15 2] 25 3] 35 40 45 5] 55 Œ
Months
Variance decomposition for s, nom. exch.rate:
Figure 14: Key results for a foreign monetary policy contraction, using
the benchmark identification with i* — i ≥ 0 in the GR specification. Shown
are the results for the response of the real exchange rate q , the posterior
distribution for its sign distribution and the variance decomposition for the
nominal exchange rate.
49
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