Figure 10
The image contains five line graphs showing the impulse responses of the macroeconomy to M2 at different time points. Each graph represents a different economic indicator: 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 graph. The graphs are labeled with different time points: 2021.1, 2022.9, and 2023.2, indicated by different line styles and colors. Panel A shows the response of Market Rates, with the y-axis ranging from 0 to 0.04. Panel B shows the response of Stock, with the y-axis ranging from -0.25 to 0.25. Panel C shows the response of Exchange Rate, with the y-axis ranging from 0 to 0.4. Panel D shows the response of CPI, with the y-axis ranging from 0 to 0.075. Panel E shows the response of real GDP, with the y-axis ranging from -0.1 to 0.1.Impulse responses of the macroeconomy to M2 at different time points