Figure 4
The title at the top reads: Conditional Transfer Entropy (Conditioned on E F F R underscore Volume)“. The heatmap is arranged as a three by three matrix. Column headings at the top are “B G R N”, “I C L N”, and “S P 500 Energy”, representing the source variables. Row labels on the right are “B G R N”, “I C L N”, and “S P 500 Energy”, representing the target variables. The horizontal axis in each panel is labeled “Quantile (source)” with quantiles 5, 15, 25, 35, 45, 55, 65, 75, 85, and 95. The vertical axis in the left panels is labeled “Quantile (target)” with the same quantile levels. A color bar on the right is labeled “Entropy” and ranges from 0.005 to 0.015 in increments of 0.005 units. The B G R N to I C L N panel shows relatively strong entropy concentrated in lower and middle source quantiles interacting with higher target quantiles, with entropy weakening toward upper source quantiles. The B G R N to S P 500 Energy panel displays moderate to high entropy across lower and middle quantiles, gradually declining at higher source quantiles. The I C L N to B G R N panel indicates elevated entropy in lower I C L N quantiles across a wide range of B G R N target quantiles, with weaker dependence at upper quantiles. The I C L N to S P 500 Energy panel shows localized high entropy at middle target quantiles and lower source quantiles, while upper quantiles exhibit lower entropy. The S P 500 Energy to B G R N panel presents relatively strong entropy at lower source quantiles and higher target quantiles, tapering off toward higher source levels. The S P 500 Energy to I C L N panel exhibits moderate entropy concentrated in middle quantiles, with generally low entropy at extreme lower and upper quantiles. Note: All entropy values are approximated.QQTE static flow conditional on monetary policy