Figure 7
The diagram has five sections labeled from (a) to (e). Each section has 4 line graphs arranged horizontally. The details of each graph are as follows: Section (a) is labeled I R F for G D P. The first graph in this section shows the influence of G D P on I F. The horizontal axis ranges from 0 to 15, in increments of 5 units. The vertical axis ranges from negative 2.5 to 2.5, in increments of 2.5 units. The graph displays three lines. The blue line starts at (0, 1.32), shows constant fluctuations, passing through the values (3.87, 0.25), (6.72, negative 0.54), (11.74, negative 0.92) and ends at (15, negative 0.75). The black line above starts at (0, 2.5), shows fluctuations, passes through (4.73, 3.62), (11.68, 1.54), and ends at (15, 1.60). The black line below starts at (0, 0.), falls to (1.66, negative 2.94), shows fluctuations through (6.8, negative 3.00), (10, negative 2.05), and ends at (15, negative 3.00). The second graph in this section shows the influence of G D P on E C. The horizontal axis ranges from 0 to 15, in increments of 5 units. The vertical axis ranges from negative 10 to 10, in increments of 10 units. The graph displays three lines. The blue line starts at (0, 2.79), decreases to (1.79, negative 0.61), fluctuates slightly through (6.91, negative 2.76), (10.86, 2.15), and ends at (15, negative 0.93). The black line above starts at (0, 5.69), rises with fluctuations to (4.87, 9.53), and falls with fluctuations to (7.84, 7.53), (10.80, 8), and ends at (15, 4.46). The black line below starts at (0, negative 0.92), decreases to (3.95, negative 7.53), shows fluctuations through (7.90, negative 5.07), (10.92, negative 2.92), and ends at (15, −5.23). The third graph in this section shows the influence of G D P on F D I. The horizontal axis ranges from 0 to 15, in increments of 5 units. The vertical axis ranges from negative 5 to 5, in increments of 5 units. The graph displays three lines. The blue line starts at (0, negative 0.63), rises to (2.13, 4.89), fluctuates slightly, and ends at (15, negative 4.26). The black line above starts at (0, 0.42), increases to 2.01, 7.23), and decreases with fluctuations to (7.07, 4.78), and ends at (15, 2.66). The black line below starts at (0, negative 1.38), increases with fluctuations to (1.95, 2.44), and ends at (15, negative 4.04). The fourth graph in this section shows the influence of G D P on E G. The horizontal axis ranges from 0 to 15, in increments of 5 units. The vertical axis ranges from 0.00 to 0.05, in increments of 0.05. The graph displays three lines. The blue line starts at (0, 0.18), decreases to (2.03, negative 0.005), increases gradually to (8.14, 0.016), and ends at (15, 0.004). The black line above starts at (0, 0.31), rises with fluctuations to (5.06, 0.051), (11.04, 0.05), and ends at (15, 0.04). The black line below starts at (0, 0.001), decreases to (1.97, negative 0.037), increases with fluctuations to (5.12, negative 0.018), (11.04, negative 0.019), and ends at (15, −0.029). Section (b) is labeled I R F for I F. The first graph in this section shows the influence of I F on G D P. The horizontal axis ranges from 0 to 15, in increments of 5 units. The vertical axis ranges from negative 2.5 to 2.5, in increments of 2.5. The graph displays three lines. The blue line starts at (0, 0.00), shows constant fluctuations, and passes through (0.62, 1.11), (6.56, 0.69), and ends at (15, 0.16). The black line above starts at (0, 0.00), increases with constant fluctuations through (0.62, 3.29), (6.56, 2.92), and ends at (15, 1.38). The black line below starts at (0, 0.00), decreases to (2.56, negative 2.87), shows constant fluctuations, passing through (7.62, negative 2.60), and ends at (15, −0.95). The second graph in this section shows the influence of I F on E C. The horizontal axis ranges from 0 to 15, in increments of 5 units. The vertical axis ranges from negative 5 to 5, in increments of 5. The graph displays three lines. The blue line starts at (0, 4.39), drops to (1.75, negative 1.56), fluctuates slightly through (8.82, 0.96), and ends at (15, 0.85). The black line above starts at (0, 6.71), decreases to (1.85, 2.47), continues with fluctuations to (8.95, 4.79), and ends at (15, 3.78). The black line below starts at (0, 1.56), decreases to (1.91, negative 5.90), and continues with fluctuations through (9.01, negative 3.08) and ends at (15, negative 1.97). The third graph in this section shows the influence of I F on F D I. The horizontal axis ranges from 0 to 15, in increments of 5 units. The vertical axis ranges from negative 2.5 to 2.5, in increments of 2.5. The graph displays three lines. The blue line starts at (0, negative 0.16), fluctuates continuously through (2.96, 1.38), (8.76,0.95) and ends at (15, negative 0.053). The black line above starts at (0, 0.95), increases with fluctuations to (3.02, 3.88), (8.76, 3.35) and ends at (15, 1.48). The black line below starts at (0, negative 1.11), decreases with fluctuations through (3.75, negative 2.55), (9.87, negative 2.66), and ends at (15, −1.64). The fourth graph in this section shows the influence of I F on E G. The horizontal axis ranges from 0 to 15, in increments of 5 units. The vertical axis ranges from negative 0.025 to 0.025, in increments of 0.025. The graph displays three lines. The blue line starts at (0, negative 0.017), rises to (0.92, 0.005), shows small fluctuations, and passes through (9.01, 0.007), and ends at (15, 0.007). The black line above starts at (0, negative 0.003), rises to (1.17, 0.025, shows fluctuations, and passes through (9.01, 0.027), and ends at (15, 0.021). The black line below starts at (0, negative 0.032), increases to (0.92, negative 0.016), increases with fluctuations to (8.91, negative 0.013), and ends at (15, −0.009). Section (c) is labeled I R F for E C. The first graph in this section shows the influence of E C on G D P. The horizontal axis ranges from 0 to 15, in increments of 5 units. The vertical axis ranges from 0 to 5 in increments of 5 units. The graph displays three lines. The blue line starts at (0, 0.00), rises to (3.39, 1.39), fluctuates slightly through (11.80, 0.88), and ends at (15, 0.44). The black line above starts at (0, 0.00), rises to (0.98, 4.11), shows fluctuations through (6.76, 5.07), and ends at (15, 2.20). The black line below starts at (0, 0.00), decreases to (1.10, negative 2.79), increases with fluctuations to (6.72, negative 2.13), and ends at (15, negative 1.25). The second graph in this section shows the influence of E C on I F. The horizontal axis ranges from 0 to 15, in increments of 5 units. The vertical axis ranges from negative 2.5 to 2.5, in increments of 2.5. The graph displays three lines. The blue line starts at (0, 0.00), rises to (0.98, 0.88), fluctuates with small variations through (9.77, 0.57), and ends at (15, 0.104). The black line above starts at (0, 0.00), rises to (0.92, 3.28), shows fluctuations through (9.77, 2.44), and ends at (15, 1.97). The black line below starts at (0, 0.00), decreases to (1.88, negative 1.97), shows fluctuations through (6.76, negative 3.02), and ends at (15, negative 1.40). The third graph in this section shows the influence of E C on F D I. The horizontal axis ranges from 0 to 15, in increments of 5 units. The vertical axis ranges from negative 5 to 5, in increments of 5. The graph displays three lines. The blue line starts at (0, negative 1.33), rises to (0.86, 0.64), fluctuates slightly through (8.92, 1.26), and ends at (15, 0.11). The black line above starts at (0, negative 0.64), increases to (0.99, 2.63), shows fluctuations through (8.74, 4.92), and ends at (15, 2.40). The black line below starts at (0, negative 2.25), decreases with fluctuations to (2.85, negative 3.39), (8.98, negative 2.32), and ends at (15, negative 2.09). The fourth graph in this section shows the influence of E C on E G. The horizontal axis ranges from 0 to 15, in increments of 5 units. The vertical axis ranges from 0.00 to 0.05, in increments of 0.05. The graph displays three lines. The blue line starts at (0, negative 0.12), rises to (1.45, 0.026), shows slight fluctuations through (11.98, 0.008), and ends at (15, 0.004). The black line above starts at (0, 0.00), rises to (1.04, 058), decreases gradually with slight fluctuations through (11.88, 0.034), and ends at (15, 0.027). The black line below starts at (0, negative 0.022), increases to (0.922, negative 0.007), shows fluctuations, and decreases to (11.86, negative .0.017), and ends at (15, negative 0.012). Section (d) is labeled I R F for F D I. The first graph in this section shows the influence of F D I on G D P. The horizontal axis ranges from 0 to 15, in increments of 5 units. The vertical axis ranges from negative 2.5 to 2.5, in increments of 2.5. The graph displays three lines. The blue line starts at (0, 0.0), increases to (0.97, 1.79), fluctuates around zero, passing through (5, 0.70), (10.8, negative 0.31), and ends at (15, 0.01). The black line above starts at (0, 0.0), increases to (0.97, 4.84), decreases with fluctuations to (5.85, 2.91), (12.82, 1.95), and ends at (15, 1.85). The black line starts at (0, 0.0), and decreases to (2.1, negative 3.12), increases with constant fluctuations to (9.97, negative 1.48), and ends at (15, negative 1.17). The second graph in this section shows the influence of F D I on I F. The horizontal axis ranges from 0 to 15, in increments of 5 units. The vertical axis ranges from negative 2 to 2, in increments of 2. The graph displays three lines. The blue line starts at (0,0).0, increases to (1.96, 0.71), fluctuates around zero, passing through (7.83, 0.36), (9.95, negative 0.40), and ends at (15, 0.02). The black line above starts at (0, 0.0, increases to (1.73, 2.60), shows fluctuations, and decreases to (7.76, 1.87), (11.75, 1.57), and ends at (15, 1.26). The black line below starts at (0, 0.0), decreases to (0.90, negative 1.44), shows constant fluctuations, and passes through (6.48, negative 1.30), (12.88, negative 1.72), and ends at (15, negative 1.18). The third graph in this section shows the influence of F D I on E C. The horizontal axis ranges from 0 to 15, in increments of 5 units. The vertical axis ranges from negative 5 to 5, in increments of 5. The graph displays three lines. The blue line starts at (0, 0.0), increases to (2.72, 2.76), fluctuates around zero, passing through (5.90, 1.36), (10.90, negative 0.26), and ends at (15, 0.032). The black line above starts at (0, 0.0), increases to (3.03, 7.89), decreases with fluctuations to (8.93, 4.60), (11.97, 4.21), and ends at (15, 3.55). The black line below starts at (0, 0.0), decreases to (0.83, negative 5.13), shows constant fluctuations through (5.90, negative 3.15), (11.97, negative 2.23), and ends at (15, negative 2.10). The fourth graph in this section shows the influence of F D I on E G. The horizontal axis ranges from 0 to 15, in increments of 5 units. The vertical axis ranges from negative 0.025 to 0.025, in increments of 0.025. The graph displays three lines. The blue line starts at (0, 0.0), decreases to (0.76, negative 0.01), fluctuates around zero, passing through (6.04, 0.016), (9.94, 0.013), and ends at (15, 0.002). The black line above starts at (0, 0.019), shows fluctuations through (2.98, 0.031), (9.64, 0.034), and ends at (15, 0.018). The black line below starts at (0, negative 0.008), shows constant fluctuations, and passes through (2.98, negative 0.012), (10.10, negative 0.012), and ends at (15, negative 0.010). Section (e) is labeled I R F for E G. The first graph in this section shows the influence of E G on G D P. The horizontal axis ranges from 0 to 15, in increments of 5 units. The vertical axis ranges from 0 to 5, in increments of 5. The graph displays three lines. The blue line starts at (0, 0.0), fluctuates around zero, passing through (1.58, 1.88), (4.74, negative 1.03), and ends at (15, 0.12). The black line above starts at (0, 0.0), increases to (1.77, 5.57), constantly decreases with fluctuations through (5.61, 3.13), (9.90, 2.69), and ends at (15, 1.73). The black line below starts at (0, 0.0), decreases to (0.88, negative 4.135), and increases with constant fluctuations through (6.42, negative 2.69), (9.90, negative 1.53), and ends at (15, negative 0.76). The second graph in this section shows the influence of E G on I F. The horizontal axis ranges from 0 to 15, in increments of 5 units. The vertical axis ranges from negative 2 to 2, in increments of 2. The graph displays three lines. The blue line starts at (0, 0.0), fluctuates around zero, passing through (2.86, 0.12), (8.44, 0.26) and ends at (15, negative 0.16). The black line above starts at (0, 0.0), increases to (0.82, 1.66), shows fluctuations, and passes through (4.82, 2.62), (12.96, 1.85), and ends at (15, 1.42). The black line below starts at (0, 0.0), decreases to (090, negative 2.048), shows constant fluctuations, and passes through (6.85, negative 2.14), (12.58, negative 1.47), and ends at (15, negative 1.51). The third graph in this section shows the influence of E G on E C. The horizontal axis ranges from 0 to 15, in increments of 5 units. The vertical axis ranges from negative 5 to 5, in increments of 5. The graph displays three lines. The blue line starts at (0, 0.0), fluctuates around zero, passing through (4.90, negative 0.75), (10.76, 0.61), and ends at (15, 0.10). The black line above starts at (0, 0.0), increases to (2.97, 7.19), shows fluctuations through (7.23, 6.09), and ends at (15, 3.76). The black line below starts at (0, 0.00), decreases to (0.89, negative 5.27), shows constant fluctuations through (7.42, negative 4.75), ends at (15, negative 3.49). The fourth graph in this section shows the influence of E G on F D I. The horizontal axis ranges from 0 to 15, in increments of 5 units. The vertical axis ranges from negative 5 to 5, in increments of 5. The graph displays three lines. The blue line starts at (0, 0.0), fluctuates around zero, passing through (3.91, 1.60), (7.75, 0.43), and ends at (15, 0.20). The black line above starts at (0, 0.0), increases to (1.92, 2.37) shows fluctuations through (3.91, 5.19), (10.71, 2.84), and ends at (15, 2.37). The black line below starts at (0, 0.0), decreases to (3.03, negative 3.93), shows constant fluctuations through (7.98, negative 3.15), and ends at (15, negative 1.51). Note: All numerical values are approximated.Impulse response function analysis. Source: The authors