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-3.5
BN Common Trend
-4.0
Output
Consumption
-4.5
Investment + 1.00
-5.0
years
-5.5
55
60
65
70
75
80
85
90
95
Iljxuh 714= Shupdqhqw Frpsrqhqw ri Pdfur Djjuhjdwhv +{| ,
0.2
0.1
0.0
-0.1
-0.2
Consumption
Investment
Output
years
-0.3
55
60
65
70
75
80
85
Iljxuh 715= F|folfdo Frpsrqhqwv
58
90
95
0.10
BN Cycle ( y*)
BN Cycle ( y)
0.05
0.00
-0.05
time
-0.10
55
60
65
70
75
80
85
90
95
Iljxuh 716= Rxwsxw F|fohv zlwk ZI iru || dqg ||
W
0.08
BN Cycle (y*)
GG Cycle (y)
0.06
0.04
0.02
0.00
-0.02
-0.04
-0.06
time
-0.08
55
60
65
70
75
80
85
90
95
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59
0.3
0.2
0.1
0.0
-0.1
-0.2
time
-0.3
55
60
65
70
75
80
85
90
Iljxuh 718= Vlqjoh Zhdn Irup Frpprq F|foh
5:
95
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