The name is absent



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



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