Figure 4
A line graph titled 'Accumulated Response of LOG_EMPLOYMENT to Cholesky One S D DUMMY Innovation' displays the impact on employment over a period of 10 units. The x-axis represents time units from 1 to 10, and the y-axis represents the accumulated response ranging from negative 0.08 to 0.12. The blue line indicates the response of log employment, which remains relatively stable around zero. The red dashed lines represent the confidence intervals, which widen as time progresses, indicating increased uncertainty. The graph shows that the accumulated response of log employment to a one standard deviation dummy innovation remains close to zero throughout the period, with the confidence intervals suggesting a potential slight positive trend over time. All values are approximated.Impact of COVID-19 crisis on employment