Page 40 - Azerbaijan State University of Economics

Vugar Rahimov, Nigar Jafarova: The Exchange Rate Pass-Through to Aggregate
Consumer Price Index and Its Components In Azerbaijan

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

Accumulated response of services CPI to oil Accumulated response of services CPI to
revenue shock foreign inflation shock
2,5 1,4
1,2
2
1
0,8
1,5
0,6

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

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

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

2,4
-0,8

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

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