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- Figure A29: Labour-augmenting Technology Shock 07-Sep-2015 16:10:33 ..\database\Output-reports\compare_unanti 1 eps-A Inflation 01 02 03 −0.1 −0.05 0 0.05 Interest rate 01 02 03 −0.3 −0.2 −0.1 0 0.1 g3 calvo obs unempl elast gdp gap SS ER growth 01 02 03 −0.5 0 0.5 Wage inflation 01 02 03 0 0.2 0.4 0.6 0.8 1 Unemployment 01 02 03 −2 −1 0 Real Consumption growth 01 02 03 0 0.5 1 1.5 2 Real Investment growth 01 02 03 0 0.5 1 1.5 Real Export growth 01 02 03 0 0.5 1 1.5 2 Real Import growth 01 02 03 0 0.5 1 1.5 2 Notes: Deviations from the steady state are depicted in percentage points.
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- Figure A31: Foreign Interest Rate Shock 07-Sep-2015 16:10:29 ..\database\Output-reports\compare_unanti 1 eps-Istar Inflation 01 02 03 0 0.05 0.1 0.15 Interest rate 01 02 03 0 0.1 0.2 0.3 0.4 0.5 g3 calvo obs unempl elast gdp gap SS ER growth 01 02 03 0 1 2 3 Wage inflation 01 02 03 −0.1 0 0.1 0.2 Unemployment 01 02 03 0 0.2 0.4 0.6 Real Consumption growth 01 02 03 −0.4 −0.2 0 0.2 Real Investment growth 01 02 03 −0.6 −0.4 −0.2 0 0.2 Real Export growth 01 02 03 −0.4 −0.2 0 0.2 0.4 0.6 Real Import growth 01 02 03 −0.2 −0.1 0 0.1 0.2 Notes: Deviations from the steady state are depicted in percentage points.
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- Figure A33: Habit Shock 07-Sep-2015 16:10:04 ..\database\Output-reports\compare_unanti 1 eps-habit Inflation 01 02 03 −0.02 0 0.02 0.04 0.06 0.08 Interest rate 01 02 03 0 0.05 0.1 0.15 g3 calvo obs unempl elast gdp gap SS ER growth 01 02 03 −0.6 −0.4 −0.2 0 0.2 Wage inflation 01 02 03 −0.02 0 0.02 0.04 Unemployment 01 02 03 −4 −3 −2 −1 0 Real Consumption growth 01 02 03 −1 0 1 2 3 4 Real Investment growth 01 02 03 −0.04 −0.03 −0.02 −0.01 0 0.01 Real Export growth 01 02 03 −0.1 0 0.1 Real Import growth 01 02 03 −0.2 0 0.2 0.4 Notes: Deviations from the steady state are depicted in percentage points.
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- Figure A35: Monetary Policy Shock 08-Sep-2015 08:28:51 ..\database\Output-reports\compare_unanti 1 eps-mpolicy Inflation 01 02 03 −0.1 −0.05 0 Interest rate 01 02 03 0 0.1 0.2 0.3 0.4 g3 Markup elastic S&M Manage CTW SS ER growth 01 02 03 −1 −0.5 0 Wage inflation 01 02 03 −0.1 −0.05 0 Unemployment 01 02 03 0 0.1 0.2 0.3 0.4 Real Consumption growth 01 02 03 −0.2 −0.1 0 Real Investment growth 01 02 03 −0.05 0 0.05 Real Export growth 01 02 03 −0.2 −0.1 0 0.1 Real Import growth 01 02 03 −0.15 −0.1 −0.05 0 0.05 0.1 Notes: Deviations from the steady state are depicted in percentage points.
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- Figure A37: Foreign Demand Shock 08-Sep-2015 08:28:55 ..\database\Output-reports\compare_unanti 1 eps-Nstar Inflation 01 02 03 −2 0 2 4 6 8 x 10 −3 Interest rate 01 02 03 −0.01 0 0.01 g3 Markup elastic S&M Manage CTW SS ER growth 01 02 03 −0.2 −0.15 −0.1 −0.05 0 0.05 Wage inflation 01 02 03 0 0.01 0.02 0.03 Unemployment 01 02 03 −0.3 −0.2 −0.1 0 Real Consumption growth 01 02 03 −0.01 0 0.01 0.02 0.03 0.04 Real Investment growth 01 02 03 0 0.02 0.04 0.06 Real Export growth 01 02 03 0 0.5 1 Real Import growth 01 02 03 −0.2 0 0.2 0.4 0.6 Notes: Deviations from the steady state are depicted in percentage points.
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- Figure A39: Debt-elastic Premium Shock 08-Sep-2015 08:28:33 ..\database\Output-reports\compare_unanti 1 eps-prem Inflation 01 02 03 −5 0 5 10 15 x 10 −3 Interest rate 01 02 03 0 0.01 0.02 0.03 g3 Markup elastic S&M Manage CTW SS ER growth 01 02 03 −0.4 −0.2 0 0.2 0.4 0.6 Wage inflation 01 02 03 −5 0 5 10 x 10 −3 Unemployment 01 02 03 −0.06 −0.04 −0.02 0 0.02 Real Consumption growth 01 02 03 −10 −5 0 5 x 10 −3 Real Investment growth 01 02 03 −0.02 −0.01 0 0.01 Real Export growth 01 02 03 −0.05 0 0.05 0.1 Real Import growth 01 02 03 −0.02 0 0.02 0.04 Notes: Deviations from the steady state are depicted in percentage points.
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- JaromÃÂr Tonner, Stanislav Tvrz, and Osvald Vašá cek Figure A30: Foreign Demand Shock 07-Sep-2015 16:10:31 ..\database\Output-reports\compare_unanti 1 eps-Nstar Inflation 01 02 03 −2 0 2 4 x 10 −3 Interest rate 01 02 03 −10 −5 0 x 10 −3 g3 calvo obs unempl elast gdp gap SS ER growth 01 02 03 −0.15 −0.1 −0.05 0 Wage inflation 01 02 03 −5 0 5 10 15 20 x 10 −3 Unemployment 01 02 03 −0.3 −0.2 −0.1 0 Real Consumption growth 01 02 03 0 0.01 0.02 0.03 Real Investment growth 01 02 03 0 0.02 0.04 0.06 Real Export growth 01 02 03 0 0.5 1 Real Import growth 01 02 03 −0.2 0 0.2 0.4 0.6 Notes: Deviations from the steady state are depicted in percentage points.
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- JaromÃÂr Tonner, Stanislav Tvrz, and Osvald Vašá cek Figure A34: Wage Cost-push Shock 07-Sep-2015 16:10:17 ..\database\Output-reports\compare_unanti 1 eps-labor Inflation 01 02 03 −0.01 0 0.01 0.02 0.03 0.04 Interest rate 01 02 03 0 0.05 0.1 0.15 g3 calvo obs unempl elast gdp gap SS ER growth 01 02 03 −1.5 −1 −0.5 0 0.5 Wage inflation 01 02 03 −0.2 0 0.2 0.4 0.6 0.8 Unemployment 01 02 03 0 0.5 1 1.5 Real Consumption growth 01 02 03 −0.2 −0.15 −0.1 −0.05 0 0.05 Real Investment growth 01 02 03 −0.1 0 0.1 0.2 Real Export growth 01 02 03 −0.4 −0.2 0 0.2 Real Import growth 01 02 03 −0.2 −0.1 0 0.1 Notes: Deviations from the steady state are depicted in percentage points.
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- JaromÃÂr Tonner, Stanislav Tvrz, and Osvald Vašá cek Figure A38: Foreign Interest Rate Shock 08-Sep-2015 08:28:54 ..\database\Output-reports\compare_unanti 1 eps-Istar Inflation 01 02 03 0 0.05 0.1 0.15 Interest rate 01 02 03 0 0.2 0.4 0.6 g3 Markup elastic S&M Manage CTW SS ER growth 01 02 03 −1 0 1 2 3 4 Wage inflation 01 02 03 −0.2 0 0.2 Unemployment 01 02 03 −2 −1 0 1 Real Consumption growth 01 02 03 −0.6 −0.4 −0.2 0 0.2 Real Investment growth 01 02 03 −0.6 −0.4 −0.2 0 0.2 Real Export growth 01 02 03 −0.5 0 0.5 Real Import growth 01 02 03 −0.3 −0.2 −0.1 0 0.1 0.2 Notes: Deviations from the steady state are depicted in percentage points.
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- Labour Market Modelling within a DSGE Approach 41 A.8 Impulse Responses Figure A28: Monetary Policy Shock 07-Sep-2015 16:10:26 ..\database\Output-reports\compare_unanti 1 eps-mpolicy Inflation 01 02 03 −0.08 −0.06 −0.04 −0.02 0 Interest rate 01 02 03 0 0.1 0.2 0.3 0.4 g3 calvo obs unempl elast gdp gap SS ER growth 01 02 03 −1 −0.5 0 Wage inflation 01 02 03 −0.06 −0.04 −0.02 0 Unemployment 01 02 03 0 0.1 0.2 0.3 0.4 Real Consumption growth 01 02 03 −0.2 −0.15 −0.1 −0.05 0 0.05 Real Investment growth 01 02 03 −0.02 0 0.02 0.04 Real Export growth 01 02 03 −0.2 −0.1 0 0.1 Real Import growth 01 02 03 −0.15 −0.1 −0.05 0 0.05 0.1 Notes: Deviations from the steady state are depicted in percentage points.
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- Labour Market Modelling within a DSGE Approach 43 Figure A32: Debt-elastic Premium Shock 07-Sep-2015 16:10:08 ..\database\Output-reports\compare_unanti 1 eps-prem Inflation 01 02 03 −5 0 5 10 15 x 10 −3 Interest rate 01 02 03 0 0.01 0.02 g3 calvo obs unempl elast gdp gap SS ER growth 01 02 03 −0.4 −0.2 0 0.2 0.4 0.6 Wage inflation 01 02 03 0 2 4 6 8 x 10 −3 Unemployment 01 02 03 −0.02 −0.01 0 0.01 Real Consumption growth 01 02 03 −10 −5 0 5 x 10 −3 Real Investment growth 01 02 03 −20 −15 −10 −5 0 5 x 10 −3 Real Export growth 01 02 03 −0.05 0 0.05 0.1 Real Import growth 01 02 03 −0.02 0 0.02 0.04 Notes: Deviations from the steady state are depicted in percentage points.
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- Labour Market Modelling within a DSGE Approach 45 Figure A36: Labour-augmenting Technology Shock 08-Sep-2015 08:28:58 ..\database\Output-reports\compare_unanti 1 eps-A Inflation 01 02 03 −0.1 0 0.1 0.2 Interest rate 01 02 03 −0.4 −0.2 0 0.2 g3 Markup elastic S&M Manage CTW SS ER growth 01 02 03 −2 0 2 4 Wage inflation 01 02 03 0 0.5 1 1.5 Unemployment 01 02 03 −8 −6 −4 −2 0 Real Consumption growth 01 02 03 0 0.5 1 1.5 2 2.5 Real Investment growth 01 02 03 0 0.5 1 1.5 2 Real Export growth 01 02 03 0 1 2 3 Real Import growth 01 02 03 0 0.5 1 1.5 2 2.5 Notes: Deviations from the steady state are depicted in percentage points.
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- Labour Market Modelling within a DSGE Approach 47 Figure A40: Habit Shock 08-Sep-2015 08:28:28 ..\database\Output-reports\compare_unanti 1 eps-habit Inflation 01 02 03 −0.02 0 0.02 0.04 0.06 0.08 Interest rate 01 02 03 0 0.05 0.1 0.15 g3 Markup elastic S&M Manage CTW SS ER growth 01 02 03 −0.6 −0.4 −0.2 0 0.2 Wage inflation 01 02 03 −0.05 0 0.05 Unemployment 01 02 03 −4 −3 −2 −1 0 Real Consumption growth 01 02 03 −1 0 1 2 3 4 Real Investment growth 01 02 03 −0.04 −0.02 0 0.02 Real Export growth 01 02 03 −0.1 0 0.1 Real Import growth 01 02 03 −0.2 0 0.2 0.4 0.6 Notes: Deviations from the steady state are depicted in percentage points.
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