y f* i* pi e Variable definitions: output; prices; international financial stress; foreign y*,foreign * ,foreign f*, i*, π interest rates; import prices; , export prices pi, pe Figure 7.2.B Responses to foreign interest rate, import price and export price shocks: export volume, domestic expenditure, domestic output, domestic prices, the exchange rate, and the domestic interest rate
f* i* pi Variable definitions: y*,foreign output; π * ,foreign prices; f*, international financial stress; i*, foreign interest rates; pi, import prices; pe , export prices Figure 7.2.B Responses to foreign interest rate, import price and export price shocks: export volume, domestic expenditure, domestic output, domestic prices, the exchange rate, and the domestic interest rate y e
9906-A-nonlinear-structural-threshold-vector-autoregressive-model-with-block-exogeneity-restrictions-for-the-business-cycle.docx