Table AVIII Orthogonalized IRF Low FI...

Table AVIII

Orthogonalized IRF

	Low FI level group			High FI level group
	Impulse variable			Impulse variable
Response variable and forecast horizon	INF	IR	Ygap	INF	IR	Ygap
INF
0	1.13197	0.17763	0	2.11024	0.50331	0
1	1.34013	0.33180	−0.01205	2.98177	0.80421	0.01107
2	1.04976	0.42163	−0.02572	2.96665	1.00242	0.02572
3	0.61263	0.44280	−0.03554	2.43872	1.10334	0.03981
4	0.23853	0.41444	−0.04006	1.69672	1.12140	0.05099
5	0.00655	0.36154	−0.04016	0.94783	1.07832	0.05827
6	−0.0895	0.30423	−0.03755	0.31393	0.99693	0.06161
7	−0.0942	0.25414	−0.03385	−0.15162	0.89720	0.06154
8	−0.0559	0.21531	−0.03014	−0.44372	0.79428	0.05889
9	−0.0104	0.18692	−0.02694	−0.58622	0.69815	0.05449
10	0.02327	0.16608	−0.02435	−0.61628	0.61417	0.04911
Ygap
0	0.00209	0.00050	0.01738	0.00413	−0.00240	0.02253
1	0.00311	0.00104	0.03182	0.00664	−0.00772	0.04271
2	0.00320	0.00359	0.04380	0.01013	−0.01246	0.06065
3	0.00286	0.00787	0.05372	0.01632	−0.0160	0.07651
4	0.00254	0.01341	0.06191	0.01632	−0.0160	0.07651
5	0.00252	0.01982	0.06863	0.03696	−0.01920	0.10266
6	0.00292	0.02682	0.07413	0.04974	−0.01869	0.11325
7	0.00367	0.03416	0.07860	0.06272	−0.01694	0.12236
8	0.00467	0.04166	0.08220	0.07498	−0.01417	0.13012
9	0.00581	0.04916	0.08508	0.08587	−0.01058	0.13663
10	0.00701	0.05655	0.08735	0.09502	−0.00639	0.14200

	Low FI level group			High FI level group
	Impulse variable			Impulse variable
Response variable and forecast horizon	INF	IR	Ygap	INF	IR	Ygap
INF
0	1.13197	0.17763	0	2.11024	0.50331	0
1	1.34013	0.33180	−0.01205	2.98177	0.80421	0.01107
2	1.04976	0.42163	−0.02572	2.96665	1.00242	0.02572
3	0.61263	0.44280	−0.03554	2.43872	1.10334	0.03981
4	0.23853	0.41444	−0.04006	1.69672	1.12140	0.05099
5	0.00655	0.36154	−0.04016	0.94783	1.07832	0.05827
6	−0.0895	0.30423	−0.03755	0.31393	0.99693	0.06161
7	−0.0942	0.25414	−0.03385	−0.15162	0.89720	0.06154
8	−0.0559	0.21531	−0.03014	−0.44372	0.79428	0.05889
9	−0.0104	0.18692	−0.02694	−0.58622	0.69815	0.05449
10	0.02327	0.16608	−0.02435	−0.61628	0.61417	0.04911
Ygap
0	0.00209	0.00050	0.01738	0.00413	−0.00240	0.02253
1	0.00311	0.00104	0.03182	0.00664	−0.00772	0.04271
2	0.00320	0.00359	0.04380	0.01013	−0.01246	0.06065
3	0.00286	0.00787	0.05372	0.01632	−0.0160	0.07651
4	0.00254	0.01341	0.06191	0.01632	−0.0160	0.07651
5	0.00252	0.01982	0.06863	0.03696	−0.01920	0.10266
6	0.00292	0.02682	0.07413	0.04974	−0.01869	0.11325
7	0.00367	0.03416	0.07860	0.06272	−0.01694	0.12236
8	0.00467	0.04166	0.08220	0.07498	−0.01417	0.13012
9	0.00581	0.04916	0.08508	0.08587	−0.01058	0.13663
10	0.00701	0.05655	0.08735	0.09502	−0.00639	0.14200