Figure 2
The figure contains 20 shaded line charts arranged in a 2 by 10 grid. In all charts, the horizontal axis ranges from 1 to 10, with increments of 1 unit. In row 1, two side-by-side shaded line charts are labeled “Austria” below. In the left chart, the vertical axis ranges from 0 to about 3, with increments of 1 unit. A single line rises gradually from near (1, 0) to around (10, 1.8), with a light shaded band expanding upward to approximately (10, 3.5). In the right chart, the vertical axis ranges from about 2 to 8, with increments of 2 units. A single line increases steadily from roughly (1, 2) to about (10, 6), with a shaded band extending upward to around (10, 9). In row 2, two side-by-side shaded line charts are labeled “Belgium” below. In the left chart, the vertical axis ranges from 0 to 8, with increments of 2 units. A single line rises steadily from near (1, 0) to around (10, 4.5), with a light shaded band expanding upward to approximately (10, 9). In the right chart, the vertical axis ranges from about 5 to 25, with increments of 5 units. A single line increases gradually from roughly (1, 5) to about (10, 15), with a shaded band extending upward to around (10, 25). In row 3, two side-by-side shaded line charts are labeled “France” below. In the left chart, the vertical axis ranges from about negative 0.4 to positive 0.8, with increments of 0.4 units. A single line increases gradually from near (1, 0.0) to around (10, 0.35), with a light shaded band expanding upward to approximately (10, 0.9) and downward to about (10, negative 0.4). In the right chart, the vertical axis ranges from about 12 to 24, with increments of 4 units. A single line rises steadily from roughly (1, 12) to about (10, 18), with a shaded band extending upward to around (10, 24). In row 4, two side-by-side shaded line charts are labeled “Germany” below. In the left chart, the vertical axis ranges from about negative 0.25 to positive 1.00, with increments of 0.25 units. A single line increases from near (1, 0.0) to approximately (10, 0.25), with a shaded band widening upward to around (10, 1.0) and downward to about (10, negative 0.25). In the right chart, the vertical axis ranges from about 8 to 24, with increments of 4 units. A single line rises gradually from roughly (1, 9) to about (10, 17), with a shaded band extending upward to approximately (10, 24). In row 5, two side-by-side shaded line charts are labeled “the Netherlands” below. In the left chart, the vertical axis ranges from 0.0 to about 1.0, with increments of 0.5 units. A single line increases gradually from near (1, 0.0) to around (10, 0.5), with a light shaded band expanding upward to approximately (10, 1.1) and downward to about (10, negative 0.3). In the right chart, the vertical axis ranges from about 10 to 25, with increments of 5 units. A single line rises steadily from roughly (1, 12) to about (10, 21), with a shaded band extending upward to around (10, 25). In row 6, two side-by-side shaded line charts are labeled “Poland” below. In the left chart, the vertical axis ranges from about negative 0.2 to positive 0.6, with increments of 0.2 units. A single line increases slightly from near (1, 0.0) to approximately (10, 0.15), with a shaded band widening upward to around (10, 0.6) and downward to about (10, negative 0.3). In the right chart, the vertical axis ranges from about 0.4 to 1.2, with increments of 0.4 units. A single line rises from roughly (1, 0.7) to about (10, 0.75), with a shaded band extending upward to approximately (2, 1.3) and remaining near that upper level toward (10, 1.3). In row 7, two side-by-side shaded line charts are labeled “Portugal” below. In the left chart, the vertical axis ranges from negative 0.4 to 1.2, with increments of 0.4 units. A single line begins at approximately (1, 0.0) and then increases steadily to about (10, 0.4). A light shaded band expands upward to approximately (10, 1.2) and downward to about (10, negative 0.4). In the right chart, the vertical axis ranges from 4 to 14, with increments of 2 units. A single line increases steadily from roughly (1, 5) to about (10, 9), with a shaded band extending upward to around (10, 14) and downward to about (10, 6). In row 8, two side-by-side shaded line charts are labeled “Spain” below. In both charts, the horizontal axis ranges from 1 to 10, with increments of 1 unit. In the left chart, the vertical axis ranges from negative 0.2 to 0.3, with increments of 0.1 units. A single line begins near (1, 0.0) and then gradually increases to approximately (10, 0.1). The shaded band widens upward to around (10, 0.3) and downward to about (10, negative 0.2). In the right chart, the vertical axis ranges from 3 to 7, with increments of 1 unit. A single line begins near (1, 5.0), peaks around (2, 5.5), and then gradually declines to approximately (10, 4.8). The shaded band extends upward to about (10, 7) and downward to around (10, 3). In row 9, two side-by-side shaded line charts are labeled “Switzerland” below. In both charts, the horizontal axis ranges from 1 to 10, with increments of 1 unit. In the left chart, the vertical axis ranges from negative 0.4 to 1.2, with increments of 0.4 units. A single line begins at approximately (1, 0.0) and increases steadily to about (10, 0.4), while the shaded band expands upward to around (10, 1.2) and downward to about (10, negative 0.4). In the right chart, the vertical axis ranges from 2 to 8, with increments of 2 units. A single line increases gradually from roughly (1, 3) to about (10, 4.5), with the shaded band extending upward to approximately (10, 7.5). In row 10, two side-by-side shaded line charts are labeled “U K” below. In the left chart, the vertical axis ranges from 0 to 3, with increments of 1 unit. A single line rises from approximately (1, 0.0) to about (10, 1.8), with the shaded band expanding upward to around (10, 3.5). In the right chart, the vertical axis ranges from 8 to 24, with increments of 4 units. A single line increases steadily from roughly (1, 7) to about (10, 18), with the shaded band extending upward to around (10, 24). Note: All numerical data values are approximated.Variance Decomposition. Note(s): On the left: Percent USA market variance due to European innovation the right: Percent European market variance due to US innovation
Cholesky One S.D. (d.f. adjusted) Factors, 95% Cl using Monte Carlo S.E.s with 100 replications. Source: Estimated by authors