Figure 8
The image contains five line graphs showing impulse responses of macroeconomic variables to monetary policy shocks at different time points. Each graph represents a different variable: Market Rates, Stock, Exchange Rate, CPI, and Real GDP. The x-axis for all graphs represents time in months, ranging from 0 to 12. The y-axis represents the response magnitude, with different units for each variable. The graphs are color-coded to represent different time points: 2021.1, 2022.9, and 2023.2. Panel A shows the response of Market Rates, with a peak at around 2 months and a gradual decline towards zero. Panel B illustrates the response of the Stock market, showing a trough after 5 months. Panel C depicts the response of the Exchange Rate, with a peak at around 2 months and a decline towards zero. Panel D shows the response of CPI, with a consistent peak at around 2 months. Panel E illustrates the response of Real GDP, initially negative, then turning positive and approaching zero.Impulse responses of the macroeconomy to AWCMR at different time points