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



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 ρ


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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