Table 11. Standard errors of impulse responses on Figure 12.

log8091	log8096	log9206	SQ8091	SQ8096	SQ9206	HP8091	HP8096	HP9206	BK8091	BK8096	BK9206
a	b	c	a	b	c	a	b	c	a	b	c
1	0.0012	0.0013	0.0008	0.0010	0.0013	0.0008	0.0004	0.0010	0.0008	0.0002	0.0002	-0.0001
S.E	(0.0006)	(0.0005)	(0.0005)	(0.0006)	(0.0005)	(0.0005)	(0.0006)	(0.0005)	(0.0005)	(0.0001)	(0.0001)	(0.0000)
2	0.0023	0.0025	0.0002	0.0018	0.0025	0.0001	0.0009	0.0018	0.0001	0.0006	0.0005	-0.0001
S.E	(0.0009)	(0.0007)	(0.0006)	(0.0009)	(0.0007)	(0.0006)	(0.0008)	(0.0006)	(0.0006)	(0.0002)	(0.0002)	(0.0001)
3	0.0025	0.0030	0.0005	0.0015	0.0030	0.0004	0.0003	0.0017	0.0004	0.0011	0.0008	0.0001
S.E	(0.0012)	(0.0009)	(0.0006)	(0.0010)	(0.0009)	(0.0006)	(0.0009)	(0.0007)	(0.0006)	(0.0003)	(0.0003)	(0.0001)
4	0.0037	0.0041	0.0012	0.0020	0.0039	0.0012	0.0008	0.0020	0.0009	0.0013	0.0008	0.0004
S.E	(0.0015)	(0.0011)	(0.0006)	(0.0010)	(0.0010)	(0.0007)	(0.0009)	(0.0008)	(0.0006)	(0.0004)	(0.0003)	(0.0001)
5	0.0029	0.0035	0.0010	0.0012	0.0032	0.0013	0.0002	0.0012	0.0006	0.0012	0.0005	0.0005
S.E	(0.0018)	(0.0013)	(0.0006)	(0.0010)	(0.0011)	(0.0006)	(0.0009)	(0.0008)	(0.0006)	(0.0005)	(0.0003)	(0.0001)
6	0.0015	0.0018	0.0013	-0.0001	0.0017	0.0019	-0.0007	-0.0001	0.0009	0.0005	-0.0001	0.0005
S.E	(0.0019)	(0.0013)	(0.0007)	(0.0009)	(0.0012)	(0.0007)	(0.0010)	(0.0008)	(0.0006)	(0.0005)	(0.0003)	(0.0002)
7	0.0011	0.0007	0.0005	-0.0003	0.0007	0.0018	-0.0005	-0.0005	0.0004	-0.0004	-0.0005	0.0000
S.E	(0.0019)	(0.0013)	(0.0009)	(0.0010)	(0.0012)	(0.0009)	(0.0011)	(0.0008)	(0.0007)	(0.0006)	(0.0004)	(0.0002)
8	-0.0002	-0.0007	-0.0007	-0.0006	-0.0005	0.0006	-0.0008	-0.0010	-0.0005	-0.0012	-0.0008	-0.0008
S.E	(0.0018)	(0.0012)	(0.0011)	(0.0010)	(0.0012)	(0.0010)	(0.0012)	(0.0009)	(0.0009)	(0.0007)	(0.0004)	(0.0003)
9	-0.0017	-0.0015	-0.0012	-0.0013	-0.0012	-0.0004	-0.0017	-0.0013	-0.0012	-0.0016	-0.0007	-0.0017
S.E	(0.0017)	(0.0012)	(0.0012)	(0.0009)	(0.0012)	(0.0010)	(0.0012)	(0.0010)	(0.0009)	(0.0008)	(0.0005)	(0.0005)
10	-0.0023	-0.0015	-0.0013	-0.0011	-0.0014	-0.0013	-0.0014	-0.0009	-0.0018	-0.0017	-0.0006	-0.0021
S.E	(0.0017)	(0.0012)	(0.0011)	(0.0008)	(0.0012)	(0.0010)	(0.0012)	(0.0010)	(0.0010)	(0.0009)	(0.0006)	(0.0006)
11	-0.0025	-0.0015	-0.0008	-0.0012	-0.0016	-0.0018	-0.0012	-0.0008	-0.0018	-0.0018	-0.0006	-0.0018
S.E	(0.0017)	(0.0012)	(0.0010)	(0.0008)	(0.0012)	(0.0010)	(0.0012)	(0.0010)	(0.0010)	(0.0009)	(0.0006)	(0.0006)
12	-0.0019	-0.0010	0.0002	-0.0011	-0.0015	-0.0015	-0.0008	-0.0005	-0.0012	-0.0023	-0.0007	-0.0010
S.E	(0.0018)	(0.0011)	(0.0009)	(0.0008)	(0.0012)	(0.0011)	(0.0011)	(0.0010)	(0.0010)	(0.0010)	(0.0007)	(0.0006)
13	-0.0011	-0.0006	0.0008	-0.0009	-0.0014	-0.0008	-0.0002	-0.0002	-0.0004	-0.0030	-0.0008	0.0000
S.E	(0.0017)	(0.0011)	(0.0009)	(0.0009)	(0.0012)	(0.0011)	(0.0011)	(0.0009)	(0.0009)	(0.0012)	(0.0007)	(0.0006)
14	-0.0006	-0.0005	0.0011	-0.0010	-0.0013	-0.0001	0.0000	-0.0001	0.0003	-0.0035	-0.0005	0.0008
S.E	(0.0016)	(0.0011)	(0.0008)	(0.0009)	(0.0011)	(0.0010)	(0.0010)	(0.0009)	(0.0009)	(0.0014)	(0.0007)	(0.0007)
15	0.0000	-0.0004	0.0011	-0.0008	-0.0011	0.0004	0.0003	0.0000	0.0007	-0.0034	-0.0001	0.0012
S.E	(0.0014)	(0.0010)	(0.0008)	(0.0009)	(0.0011)	(0.0010)	(0.0010)	(0.0008)	(0.0008)	(0.0015)	(0.0007)	(0.0007)
16	-0.0001	-0.0006	0.0008	-0.0009	-0.0011	0.0006	0.0002	0.0000	0.0007	-0.0026	0.0004	0.0013
S.E	(0.0013)	(0.0009)	(0.0008)	(0.0009)	(0.0010)	(0.0009)	(0.0009)	(0.0007)	(0.0008)	(0.0017)	(0.0007)	(0.0008)

Table 12. Standard errors of impulse responses on Figure 13.

log8091	log8096	log8206	log8706	SQ8091	SQ8096	SQ8206	SQ9706	HP8091	HP8096	HP9206	HP9706	BK8091	BK8096	BK9206
1	-0.0027	-0.0033	-0.0022	-0.0019	-0.0025	-0.0031	-0.0022	-0.0019	-0.0024	-0.0027	-0.0018	-0.0023	-0.0001	-0.0003	-0.0002
S.E.	(0.0005)	(0.0005)	(0.0005)	(0.0006)	(0.0005)	(0.0005)	(0.0005)	(0.0006)	(0.0005)	(0.0005)	(0.0005)	(0.0006)	(0.0001)	(0.0001)	(0.0000)
2	-0.0026	-0.0029	-0.0018	-0.0004	-0.0025	-0.0025	-0.0020	-0.0004	-0.0013	-0.0016	-0.0012	-0.0001	-0.0004	-0.0009	-0.0003
S.E.	(0.0010)	(0.0008)	(0.0007)	(0.0009)	(0.0008)	(0.0008)	(0.0007)	(0.0009)	(0.0008)	(0.0008)	(0.0006)	(0.0006)	(0.0009)	(0.0001)	(0.0002)
3	-0.0019	-0.0027	-0.0009	0.0002	-0.0018	-0.0019	-0.0012	0.0002	-0.0006	-0.0007	-0.0004	0.0006	-0.0006	-0.0012	0.0000
S.E.	(0.0013)	(0.0010)	(0.0007)	(0.0009)	(0.0010)	(0.0010)	(0.0007)	(0.0009)	(0.0008)	(0.0007)	(0.0006)	(0.0008)	(0.0002)	(0.0003)	(0.0002)
4	-0.0011	-0.0023	-0.0005	0.0002	-0.0006	-0.0012	-0.0007	0.0002	-0.0003	0.0002	0.0002	0.0003	-0.0008	-0.0008	0.0005
S.E.	(0.0018)	(0.0012)	(0.0007)	(0.0008)	(0.0011)	(0.0011)	(0.0007)	(0.0008)	(0.0009)	(0.0008)	(0.0006)	(0.0008)	(0.0003)	(0.0004)	(0.0002)
5	-0.0004	-0.0006	-0.0002	0.0000	-0.0005	0.0008	0.0000	0.0000	0.0007	0.0016	0.0004	0.0005	-0.0009	0.0001	0.0007
S.E.	(0.0022)	(0.0013)	(0.0007)	(0.0009)	(0.0012)	(0.0011)	(0.0007)	(0.0009)	(0.0010)	(0.0008)	(0.0006)	(0.0008)	(0.0004)	(0.0005)	(0.0002)
6	-0.0002	-0.0004	-0.0004	0.0001	-0.0013	0.0014	-0.0001	0.0001	0.0004	0.0013	0.0001	-0.0003	-0.0010	0.0011	0.0005
S.E.	(0.0026)	(0.0014)	(0.0008)	(0.0009)	(0.0016)	(0.0010)	(0.0008)	(0.0009)	(0.0012)	(0.0008)	(0.0007)	(0.0009)	(0.0006)	(0.0006)	(0.0002)
7	0.0008	0.0002	-0.0013	-0.0012	-0.0019	0.0022	-0.0007	-0.0011	0.0005	0.0012	-0.0007	-0.0014	-0.0010	0.0015	-0.0001
S.E.	(0.0033)	(0.0014)	(0.0009)	(0.0009)	(0.0020)	(0.0010)	(0.0008)	(0.0009)	(0.0013)	(0.0009)	(0.0007)	(0.0010)	(0.0006)	(0.0007)	(0.0002)
8	0.0025	0.0008	-0.0018	-0.0007	-0.0021	0.0028	-0.0008	-0.0004	0.0010	0.0009	-0.0012	-0.0010	-0.0009	0.0012	-0.0009
S.E.	(0.0038)	(0.0014)	(0.0010)	(0.0010)	(0.0023)	(0.0010)	(0.0008)	(0.0010)	(0.0013)	(0.0010)	(0.0008)	(0.0011)	(0.0008)	(0.0007)	(0.0003)
9	0.0041	0.0009	-0.0016	0.0004	-0.0013	0.0026	-0.0004	0.0009	0.0015	0.0005	-0.0006	0.0001	-0.0006	0.0006	-0.0014
S.E.	(0.0041)	(0.0014)	(0.0011)	(0.0010)	(0.0022)	(0.0011)	(0.0008)	(0.0010)	(0.0013)	(0.0010)	(0.0009)	(0.0010)	(0.0010)	(0.0008)	(0.0004)
10	0.0052	0.0013	-0.0010	0.0003	0.0001	0.0025	0.0004	0.0008	0.0025	0.0008	0.0002	0.0005	0.0001	0.0003	-0.0013
S.E.	(0.0040)	(0.0013)	(0.0011)	(0.0010)	(0.0022)	(0.0012)	(0.0009)	(0.0010)	(0.0014)	(0.0010)	(0.0009)	(0.0010)	(0.0012)	(0.0009)	(0.0005)
11	0.0050	0.0015	0.0000	0.0014	0.0015	0.0022	0.0012	0.0020	0.0028	0.0011	0.0012	0.0019	0.0013	0.0005	-0.0006
S.E.	(0.0037)	(0.0013)	(0.0010)	(0.0010)	(0.0026)	(0.0011)	(0.0010)	(0.0010)	(0.0015)	(0.0010)	(0.0009)	(0.0010)	(0.0013)	(0.0012)	(0.0005)
12	0.0038	0.0015	0.0009	0.0013	0.0027	0.0017	0.0016	0.0018	0.0025	0.0013	0.0019	0.0019	0.0032	0.0010	0.0003
S.E.	(0.0035)	(0.0012)	(0.0010)	(0.0011)	(0.0030)	(0.0011)	(0.0010)	(0.0012)	(0.0016)	(0.0009)	(0.0009)	(0.0012)	(0.0014)	(0.0013)	(0.0005)
13	0.0019	0.0017	0.0012	0.0004	0.0035	0.0015	0.0014	0.0007	0.0016	0.0014	0.0017	0.0009	0.0054	0.0013	0.0008
S.E.	(0.0037)	(0.0012)	(0.0010)	(0.0011)	(0.0031)	(0.0010)	(0.0010)	(0.0012)	(0.0017)	(0.0009)	(0.0009)	(0.0012)	(0.0017)	(0.0014)	(0.0005)
14	0.0000	0.0016	0.0013	0.0002	0.0038	0.0014	0.0009	0.0004	0.0004	0.0012	0.0013	0.0006	0.0073	0.0010	0.0006
S.E.	(0.0044)	(0.0011)	(0.0010)	(0.0010)	(0.0028)	(0.0010)	(0.0009)	(0.0010)	(0.0017)	(0.0009)	(0.0009)	(0.0011)	(0.0024)	(0.0013)	(0.0005)
15	-0.0014	0.0015	0.0012	-0.0006	0.0040	0.0013	0.0003	-0.0004	-0.0006	0.0007	0.0008	-0.0007	0.0078	0.0002	0.0000
S.E.	(0.0050)	(0.0011)	(0.0010)	(0.0009)	(0.0024)	(0.0010)	(0.0009)	(0.0010)	(0.0017)	(0.0009)	(0.0009)	(0.0010)	(0.0035)	(0.0013)	(0.0005)
16	-0.0021	0.0014	0.0010	-0.0010	0.0039	0.0014	-0.0002	-0.0008	-0.0011	0.0003	0.0003	-0.0014	0.0070	-0.0008	-0.0005
S.E.	(0.0052)	(0.0011)	(0.0010)	(0.0008)	(0.0025)	(