CAPACITY AND ASYMMETRIES IN MONETARY POLICY
35
Impulse Responses to a 1% Shock in Money Growth Rate
φ
3 0,15
ω
0,2
о 0,05
⊂
о
ra 0
φ
Q
-0,05
Low Capacity
-0,1
I lllllll I
1 3 5 7 9
Quarters
Figure 7a: Real Wage Rate
Impact Effect due to a 1% Shock in Money Growth Rate
Capacity Utilization Rate
Figure 7b: Real Wage Rate