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



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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