Table VII

Variance decomposition

Low FI level groupHigh FI level group
Impulse variableImpulse variable
Response variableIRINFYgapIRINFYgap
IR0.99850.00140.000010.985930.01390.00007
INF0.04400.95590.000040.063190.93680.86106
Ygap0.00100.01060.988420.026650.02490.94843

Source: Calculated by the authors using PVAR on Stata 14

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