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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