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THE JOURNAL OF ECONOMIC SCIENCES: THEORY AND PRACTICE, V.78, # 2, 2021, pp. 17-42

Appendix A3

Figure 4a: Accumulated response of aggregate CPI to Cholesky one standard
deviation innovations ± 1 S.E.

Accumulated response of aggregate CPI to oil revenue Accumulated response of aggregate CPI to foreign
shock inflation shock
2,5 2

2 1,6

1,2
1,5

0,8
1
0,4
0,5
0
1 2 3 4 5 6 7 8 9 10 11 12
0
1 2 3 4 5 6 7 8 9 10 11 12 -0,4

Accumulated response of aggregate CPI to exchange Accumulated response of aggregate CPI to its own
rate shock shock

0 3
1 2 3 4 5 6 7 8 9 10 11 12
-0,5 2,5

2
-1
1,5
-1,5

1
-2
0,5
-2,5
0
-3 1 2 3 4 5 6 7 8 9 10 11 12

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