Figure 5
The image contains five line graphs showing the impulse responses of macroeconomic variables to AWCMR shock at different lag periods. The graphs are labeled as follows: Market Rates, Stock, Ex Rate, CPI, and real GDP. Each graph displays three lines representing 3-period ahead, 6-period, and 12-period lag periods. The x-axis represents the years from 2006 to 2022, while the y-axis represents the response magnitude. In the Market Rates graph, the response to AWCMR increases gradually after 2008 and stabilizes after 2014, with the 3-period ahead line showing the highest response. The Stock graph shows a fluctuating response, with the 12-period line generally higher than the others. The Ex Rate graph indicates a rising trend in response, particularly noticeable after 2008, with the 3-period ahead line leading. The CPI graph shows a positive response that increases over time, with the 3-period ahead line consistently higher.Impulse responses of the macroeconomy to AWCMR at different lag periods