Page 39 - Azerbaijan State University of Economics

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

Figure 4c: Accumulated response of Non-Food CPI to Cholesky one standard
deviation innovations ± 1 S.E.

Accumulated response of non-food CPI to oil Accumulated response of non-food CPI to
revenue shock foreign inflation shock
1,2 1,6

0,8 1,2

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

Accumulated response of non-food CPI to exchange Accumulated response of non-food CPI to its
rate shock own shock
0 2,5
1 2 3 4 5 6 7 8 9 10 11 12
-0,5 2

-1 1,5

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

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