Figure 9
The image contains four line graphs that illustrate the impulse responses of various macroeconomic variables to changes in M0 at different time points. The graphs are labeled as MarketRates, Stock, ExRate, CPI, and realGDP. Each graph shows data for three different time points: 2021.1, 2022.9, and 2023.2, represented by red, green, and blue lines respectively. The x-axis of each graph represents time in months, ranging from 0 to 12. The y-axis represents the response magnitude for each variable. In the MarketRates graph, the response peaks within 2 months and gradually approaches zero. The Stock graph shows a peak response after 1 month for M0 and M2, while the response to AWCMR reaches a trough after 5 months. The ExRate graph indicates a peak response within 2 months, which then weakens and approaches zero. The CPI graph shows consistent response intensity to AWCMR shocks across different time points.Impulse responses of the macroeconomy to M0 at different time points