30
PEDRO PΛBLO ΛLVΛREZ LOIS
0,4
0,3
0,2
0,1
0
-0,1
-0,2
Impulse Responses to a 1% Shock in Money Growth Rate
1 3 5 7 9
Quarters
Figure 2a: Employment
Impact Effect due to a 1% Shock in Money Growth Rate
0,35
φ
ra
co
CO
E
о
⊂
.o
ra
φ
Q
0,3
0,25
0,2
0,15
0,1
0,05
Iiiiiiiiiiiiiiiiiiiiiiiiiiiiiii
0,95
0,65 0,72 0,78 0,83 0,86 0,89 0,92
Capacity Utilization Rate
Figure 2b: Employment
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