Hi, I have a basic question. When the model is expressed in levels, how do we interpret the IRFs. I am attaching some IRFs. Would appreciate if somebody could help interpret the IRFs.[EPSM_3]

Interpretation of IRFs

jpfeifer January 29, 2020, 2:38pm 2

See

Interpretation of IRF Stochastic simulations

IRFs are in absolute deviations from steady state. See also [Dynare relative irf) and [Shock equations for model written in their non-linear form) and [A question about the IRF)

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