US-UK
US-Ger
US'UK Po,k
У*
i*
years
0.
0.
0.
i*
-i
USAGE i-i
JSAJK i-i
years
p*
p
years
-0.
US-Japan
jsjp ρhλ
60 1 2 3 4 5
years
JS/JP i*-i
1 2 3 4 5
years
Figure 19: Impulse responses to a foreign monetary policy contraction in the
GR VAR, using the restriction i* - i ≥ 0.
53
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