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a (z)
i
a (z)
1
a (z)
2
z
1
0
6}hi Ai 5iU|Lh 5TiUU hL_U||it ? |i AL L?|hit
2m
p (z)
2m
p (z)
1m
p (z)
poli (z)
MC (z)
1
0
1m
p (z)
poli (z)
MC (z)
MC (z)
1
2
1
z
MC (z)
0
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2b
2
1
z
p oli(z)
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2
MC (z)
MC 1(z)
2
1
1
0
6}hi *}LTL*) hU?} 5Ui_*it `i? Ah@_i t Lt|*)
f
z
Domestic Money Shock
percent
0.6
percent
0.5
Output Effects
0.55
Consumption and hours
0.45
0.5
0.4
0.45
0.35
output-home
0.4
hours-home
0.3
0.35
0.25
0.3
0.25
0.2
0.2
0.15
0.15
hours-foreign
consumption-home
0.1
0.1
0.05
0.05
0
0
output-foreign
-0.05
consumption-foreign
-0.05
-0.1
-0.1
1
4
8
12
16
1
4
quarters
percent
2.8
percent
2.6
Money and prices
12
16
12
16
Exchange rates
2.4
2.6
2.2
prices-foreign
2.4
8
quarters
e-nominal
2
1.8
2.2
1.6
prices-home
2
1.4
1.2
1.8
money-home
1
1.6
e-real
0.8
0.6
1.4
0.4
1.2
0.2
0
1
-0.2
0.8
-0.4
1
4
8
12
16
1
quarters
4
8
quarters
6}hi e ,giU|t Lu #L4it|U L?i) 5LU!G @ti*?i ,UL?L4)

percent
0.7
Domestic Productivity Shock
Output Effects
percent
0.5
Consumption and hours
0.4
0.6
0.3
0.5
consumption-foreign
0.2
0.4
output-home
consumption-home
0.1
0.3
0
0.2
-0.1
0.1
-0.2
0
-0.3
-0.4
-0.1
hours-home
-0.5
-0.2
-0.6
-0.3
-0.7
output-foreign
-0.4
hours-foreign
-0.8
-0.5
-0.9
1
4
8
12
16
1
4
quarters
percent
0
8
12
16
12
16
quarters
Exchange rates
percent
0
Prices
-0.05
-0.01
e-nominal
-0.1
-0.02
-0.15
-0.2
-0.03
-0.25
-0.04
-0.3
-0.35
-0.05
prices-home
e-real
-0.4
-0.06
-0.45
prices-foreign
-0.5
-0.07
-0.55
-0.08
-0.6
-0.65
-0.09
1
4
8
12
16
1
4
quarters
8
quarters
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Domestic Gov. Spending Shock
percent
0.15
Output Effects
percent
0.2
0.14
0.18
0.13
0.16
0.12
hours-home
0.14
output-home
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Consumption and hours
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hours-foreign
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output-foreign
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consumption-foreign
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8
12
16
1
4
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12
16
12
16
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Prices
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0.1
0.09
0.01
prices-foreign
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0.08
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prices-home
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0.06
0.006
0.05
0.005
0.04
0.004
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0.02
0.002
0.01
0.001
0
0
1
4
8
12
16
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1
4
8
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