US-UK
US-Japan
r*
US-Ger
GE r
0 1 2 3 4 5
years
p*
1 2 3 4 5
years
p
m*
US nbrx
nbrx
.60 1 2 3 4 5
years
US nbrx
"O 1 2 3 4 5
years
Figure 20, impulse responses to
VAR, continued.
a foreign monetary contraction for the BIG
55
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