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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