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2S

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d o ht|@?Lc w @?_  ,Ui?M@4 @?_  ,@?t EbbSc Ai ,giU|t
Lu L?i|@h) L*U) 5LU!tG ,_i?Ui uhL4 |i 6*L Lu 6?_tc +ii
Lu ,UL?L4U @?_ 5|@|t|Utdeo LUh@?ic a Ebbec 5LU!tc @h?i}i+LUit|ih L?uihi?Ui 5ihit
L? M*U L*U)
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dSo LL*i)c A @?_ B O@?ti? EbbDc L?i) @?_ t?itt )U*ic ? 6hL?
|ih Lu t?itt )U*i +iti@hUc A LL*i) Ei_c h?Ui|L? N?iht|)hittc h?Ui|L?c ad.o t4@?c # @?_ A ~@ EbbDc W_i?|u)?} L?i|@h) L*U) ? @54@** Ti? ,UL?L4) N?_ih 6*i M*i , U@?}i +@|itc 44iLc 6i_ih@*+itihi @?! Lu |*@?|@dHo ,Ui?M@4c  @?_  ,@?t EbbDc 5L4i ,4ThU@* ,_i?Ui L? |i,giU|t Lu 5LU!t |L L?i|@h) L*U) L? , U@?}i +@|itc "@h|ih*)aLh?@* Lu ,UL?L4Utc Li4Mihc b.Dffb
dbo BLh_L?c # @?_  wiiTih Ebbec Ai #)?@4U W4T@U|t Lu L?i|@h)L*U)G ? , ihUti ? Ai?|@|i W_i?|U@|L?c aLh?@* Lu L*|U@*,UL?L4)c f2c Sc 22H2e.
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Figure 1: Responses of R to German Interest Rate Shock0.00350.003
0.00250.002
0.00150.001
0.00050-0.0005-0.001-0.0015-0.002
1

2

3

4

5

6

7

ESP

8

9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

ITA

BEL

UK

HOL

Spain

Italy

0.002

0.002

-0.003-0.0031

4

7

10 13 16 19 22

1

4

7

Belgium
0.002-0.003-0.0034

7

10 13 16 19 22

1

4

7

the Netherlands
0.003
0.001
-0.001-0.003

10 13 16 19 22

UK

0.002

1

FRA

10 13 16 19 22

France0.002070.00007-0.00193-0.00393

147

10 13 16 19 22

1

4

7

10 13 16 19 22

Figure 2: Responses of EX to German Interest Rate Shock
0.005
0.004
0.003
0.002
0.001
0
-0.001-0.002-0.003-0.004-0.005
1

2

3

4

5

6

7

8

ESP

9

10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

ITA

BEL

UK

HOL

Spain

Italy

0.01

0.01

0.005

0.005

0

0

-0.005-0.0051

4

7

10 13 16 19 22

1

4

7

Belgium

10 13 16 19 22

UK

0.01

0.01

0.005

0.005

0

0

-0.005FRA-0.0051

4

7

10 13 16 19 22

1

4

the Netherlands
0.01

0.005

0.005

0

0

-0.005-0.0054

7

10 13 16 19 22

10 13 16 19 22

France

0.01

1

7

1

4

7

10 13 16 19 22

Figure 3: Responses of R to Identified German Monetary Policy Shock0.00250.002
0.00150.001
0.00050-0.0005-0.001-0.0015
1

2

3

4

5

6

7

ESP

8

9

10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

ITA

BEL

UK

HOL

Spain

FRA

Italy

0.004
0.003
0.002
0.001
0
-0.001-0.002-0.003

0.004
0.003
0.002
0.001
0
-0.001-0.002-0.003
1

4

7

10

13

16

19 22

1

4

7

10

13

16

19 22

13

16 19

UK

Belgium
0.004
0.003
0.002
0.001
0
-0.001-0.002-0.003

0.004
0.003
0.002
0.001
0
-0.001-0.002-0.003
1

4

7

10

13

16

19 22

1

4

7

10

22

Francethe Netherlands
0.004
0.003
0.002
0.001
0
-0.001-0.002-0.0030.002070.00007-0.00193-0.00393
1

4

7

10

13

16

19 22

1

4

7

10 13 16 19 22

Figure 4: Responses of EX to Identified German Monetary Policy Shock
0.008
0.007
0.006
0.005
0.004
0.003
0.002
0.001
0
-0.001
1

2

3

4

5

6

7

8

ESP

9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

ITA

BEL

UK

HOL

Spain

Italy

0.01

0.01

0.005

0.005

0

0

-0.005-0.005
1

4

7

FRA

10 13 16 19 22

1

4

7

10 13 16 19 22

UK

Belgium
0.014
0.012
0.01
0.008
0.006
0.004
0.002
0
-0.002

0.01
0.005
0
-0.00514

7

1

10 13 16 19 22

4

0.01

0.01

0.005

0.005

0

0

-0.005-0.0054

7

10 13 16 19 22

10 13 16 19 22

Francethe Netherlands

1

7

1

4

7

10 13 16 19 22

Figure 5: Responses to Identified German Monetary Policy Shock: Spain

January 1980-June 1989

R

July 1989-October 1995

0.004

0.004

0.002

0.002

0

0

-0.002-0.002-0.004-0.0041 4 7 10 13 16 19 22

EX

1 4 7 10 13 16 19 22

0.01

0.01

0.005

0.005

0

0

-0.005-0.005
1 4 7 10 13 16 19 22

1 4 7 10 13 16 19 22

Figure A-1: Reponses to German Interest Rate Shock (standard VAR)

OP

FFR
0.004
0.003
0.002
0.001
0
-0.001-0.002-0.003-0.004

0.003
0.002
0.001
0
-0.001-0.002-0.003
1

3

5

7

9

1

11 13 15 17 19 21 23

3

5

7

9

11 13 15 17 19 21 23

Y

P
0.004
0.003
0.002
0.001
0
-0.001-0.002-0.003-0.0040.002
0.00150.001
0.00050-0.0005-0.001
1

3

5

7

1

9 11 13 15 17 19 21 23

3

5

7

R

9

11 13 15 17 19 21 23

M

0.004
0.00310.00210.00110.0001-0.0009-0.0019-0.0029

0.003
0.002
0.001
0
-0.001-0.002
1

3

5

7

9

11 13 15 17 19 21 23

EXDD
0.02
0.01
0
-0.01
-0.02
-0.03
1

3

5

7

9

11 13 15 17 19 21 23

1

3

5

7

9 11 13 15 17 19 21 23

Figure A-2: Reponses to German Monetary Policy Shock (structural VAR)

OP

FFR
0.004
0.003
0.002
0.001
0
-0.001-0.002-0.003-0.0040.00210.00110.0001-0.0009-0.0019-0.0029
1

3

5

7

1

9 11 13 15 17 19 21 23

3

5

7

9

P
0.002
0.00150.001
0.00050-0.0005-0.001

11 13 15 17 19 21 23

Y
0.004
0.002
0
-0.002-0.0041

3

5

7

9 11 13 15 17 19 21 23

1

3

5

7

R
0.004
0.003
0.002
0.001
0
-0.001-0.0029

11 13 15 17 19 21 23

M
0.00310.0011-0.0009-0.0029

1

3

5

7

9

11 13 15 17 19 21 23

EXDD
0.015
0.005
-0.005-0.015-0.025
1

3

5

7

9

11 13 15 17 19 21 23

1

3

5

7

9 11 13 15 17 19 21 23