36
PEDRO PABLO ALVAREZ LOIS
Impulse Responses to a 1% Shock in Money Growth Rate
φ
ra
co
φ
co
E
-1
-2
1
3
7
9
5
Quarters
Figure 8a: Underused Resources
Impact Effect due to a 1% Shock in Money Growth Rate
-0,5
-2
-1
-1,5
Iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii
0,65 0,72 0,78 0,83 0,86 0,89 0,92 0,95
Capacity Utilization Rate
Figure 8b: Underused Resources
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