Finance and Economics Discussion Series: Accessible versions of figures for 2015-012
Inflation Dynamics During the Financial Crisis
Accessible version of figures
Figure 1: Comparing Data with Broader Aggregates
Date |
Panel 1: Producer price inflation (3-month moving average), Matched PPI-Compustat sample (Percent) |
Panel 1: Producer price inflation (3-month moving average), Full PPI sample (Percent) |
Panel 2: Real sales growth (Quarterly), Matched PPI-Compustat sample (Percent) |
Panel 2: Real sales growth (Quarterly), Full PPI sample (Percent) |
2005M4 |
0.9530 |
0.0556 |
0.9198 |
-7.3557 |
2005M5 |
0.5805 |
-0.1333 |
0.1599 |
1.9865 |
2005M6 |
0.3335 |
-0.1253 |
0.5707 |
0.6298 |
2005M7 |
0.4037 |
0.1476 |
0.2784 |
-3.1460 |
2005M8 |
0.4507 |
0.3824 |
1.7279 |
3.3731 |
2005M9 |
0.4384 |
0.6620 |
0.7584 |
3.1215 |
2005M10 |
0.3507 |
0.5775 |
0.0758 |
-1.7860 |
2005M11 |
-0.4263 |
0.2884 |
-0.2356 |
3.6120 |
2005M12 |
-0.4050 |
0.1465 |
-0.2507 |
-1.9908 |
2006M1 |
-0.6033 |
0.2335 |
1.3018 |
2.5989 |
2006M2 |
-0.0450 |
0.0804 |
1.1785 |
2.0018 |
2006M3 |
-0.2118 |
0.1189 |
3.4062 |
6.7440 |
2006M4 |
0.0359 |
-0.0996 |
3.1145 |
4.6981 |
2006M5 |
0.2358 |
0.2584 |
1.6350 |
1.3622 |
2006M6 |
0.2056 |
0.1100 |
-1.9006 |
-7.5254 |
2006M7 |
-0.6811 |
-0.0732 |
-18.1132 |
-10.4580 |
2006M8 |
-0.5229 |
-0.1284 |
-10.1475 |
-12.7688 |
2006M9 |
-0.6867 |
-0.1675 |
1.0147 |
3.9919 |
2006M10 |
-0.2880 |
-0.2962 |
5.6462 |
6.2769 |
2006M11 |
0.1704 |
-0.0960 |
5.0989 |
1.8730 |
2006M12 |
0.3771 |
0.1416 |
1.7194 |
2.2836 |
2007M1 |
0.3721 |
0.3101 |
0.2299 |
-1.3717 |
2007M2 |
-0.2623 |
0.2389 |
1.3826 |
5.3800 |
2007M3 |
-0.2633 |
0.2000 |
3.6122 |
3.4886 |
2007M4 |
0.1068 |
0.2363 |
4.7931 |
3.1452 |
2007M5 |
0.0495 |
0.1424 |
1.6286 |
3.1845 |
2007M6 |
0.1134 |
0.1749 |
0.2473 |
-5.0078 |
2007M7 |
0.0030 |
0.1773 |
-1.9377 |
1.2096 |
2007M8 |
-0.1280 |
-0.0301 |
0.5735 |
5.7076 |
2007M9 |
0.0012 |
-0.0237 |
-3.7152 |
-7.6147 |
2007M10 |
0.2403 |
0.1008 |
-2.6242 |
3.1009 |
2007M11 |
0.6630 |
0.4822 |
0.6449 |
-2.5991 |
2007M12 |
0.7490 |
0.4315 |
|
|
2008M1 |
0.6186 |
0.3687 |
|
|
2008M2 |
-0.0628 |
0.0342 |
|
|
2008M3 |
-0.3805 |
0.0752 |
|
|
2008M4 |
-0.3034 |
0.0611 |
|
|
2008M5 |
0.0056 |
0.2653 |
|
|
2008M6 |
-0.1428 |
0.2600 |
|
|
2008M7 |
-0.0879 |
0.3693 |
|
|
2008M8 |
-0.1873 |
0.0970 |
|
|
2008M9 |
-0.0710 |
-0.1046 |
|
|
2008M10 |
-0.1175 |
-0.5187 |
|
|
2008M11 |
-0.0409 |
-0.8419 |
|
|
2008M12 |
-0.3518 |
-1.1059 |
|
|
2009M1 |
-0.3660 |
-1.0975 |
|
|
2009M2 |
-0.0727 |
-0.7897 |
|
|
2009M3 |
0.0929 |
-0.5491 |
|
|
2009M4 |
-0.0376 |
-0.3899 |
|
|
2009M5 |
-0.0079 |
-0.2367 |
|
|
2009M6 |
0.4509 |
0.1622 |
|
|
2009M7 |
0.6611 |
0.3204 |
|
|
2009M8 |
1.1639 |
0.8439 |
|
|
2009M9 |
0.9094 |
0.5497 |
|
|
2009M10 |
0.7118 |
0.6772 |
|
|
2009M11 |
0.0533 |
0.3349 |
|
|
2009M12 |
-0.1628 |
0.4818 |
|
|
2010M1 |
-0.1307 |
0.7833 |
|
|
2010M2 |
-0.2669 |
0.5295 |
|
|
2010M3 |
-0.0339 |
0.4199 |
|
|
2010M4 |
0.1103 |
-0.0692 |
|
|
2010M5 |
0.2274 |
-0.0066 |
|
|
2010M6 |
0.0878 |
-0.1386 |
|
|
2010M7 |
-0.1603 |
-0.2631 |
|
|
2010M8 |
0.0739 |
-0.1149 |
|
|
2010M9 |
0.0217 |
-0.0517 |
|
|
2010M10 |
0.3282 |
0.3000 |
|
|
2010M11 |
0.0718 |
0.2436 |
|
|
2010M12 |
0.8183 |
0.5778 |
|
|
2011M1 |
0.8510 |
0.6212 |
|
|
2011M2 |
0.9080 |
0.7318 |
|
|
2011M3 |
0.4540 |
0.6482 |
|
|
2011M4 |
0.2309 |
0.6089 |
|
|
2011M5 |
0.2155 |
0.5914 |
|
|
2011M6 |
0.5431 |
0.4524 |
|
|
2011M7 |
0.6177 |
0.2862 |
|
|
2011M8 |
0.1717 |
0.0050 |
|
|
2011M9 |
0.0159 |
0.0157 |
|
|
2011M10 |
-0.1025 |
-0.2252 |
|
|
2011M11 |
0.3049 |
-0.0219 |
|
|
2011M12 |
0.1096 |
-0.1330 |
|
|
2012M1 |
0.2445 |
-0.0508 |
|
|
2012M2 |
0.3237 |
-0.1160 |
|
|
2012M3 |
0.5381 |
0.0742 |
|
|
2012M4 |
0.5637 |
0.0326 |
|
|
2012M5 |
0.4503 |
-0.1152 |
|
|
2012M6 |
-0.2068 |
-0.6275 |
|
|
2012M7 |
-0.1610 |
-0.4154 |
|
|
2012M8 |
-0.2783 |
-0.1829 |
|
|
2012M9 |
0.1660 |
0.2295 |
|
|
2012M10 |
0.0230 |
0.2154 |
|
|
2012M11 |
0.1579 |
0.1006 |
|
|
2012M12 |
0.0851 |
-0.0125 |
|
|
Return to text
Figure 2: Industry-Adjusted Producer Price Inflation (By Financial and Product-Market Characteristics)
Date |
Panel 1: By liquidity ratio (3-month moving average), Low liquidity firms (Percent) |
Panel 1: By liquidity ratio (3-month moving average), High liquidity firms (Percent) |
Panel 2: By SGAX ratio (3-month moving average), Low SGAX firms (Percent) |
Panel 2: By SGAX ratio (3-month moving average), High SGAX firms (Percent) |
2005M4 |
-0.1805 |
0.6055 |
0.5757 |
-0.5025 |
2005M5 |
-0.1447 |
0.1872 |
0.0150 |
0.1822 |
2005M6 |
0.3051 |
0.0737 |
0.1257 |
0.3055 |
2005M7 |
-1.4920 |
-0.0385 |
-1.1447 |
0.1553 |
2005M8 |
-0.7719 |
0.0903 |
-0.3128 |
-0.5229 |
2005M9 |
-1.3869 |
0.6815 |
0.0617 |
-0.9819 |
2005M10 |
-0.1041 |
0.6519 |
1.1682 |
-1.2378 |
2005M11 |
-0.2928 |
-0.5078 |
-0.5230 |
-0.3907 |
2005M12 |
0.0286 |
-0.7266 |
-0.7557 |
-0.1618 |
2006M1 |
-0.1256 |
-0.2188 |
-0.8050 |
0.1509 |
2006M2 |
-0.7275 |
0.3805 |
-0.0509 |
-0.4714 |
2006M3 |
-0.3771 |
-0.0825 |
-0.1962 |
-0.3056 |
2006M4 |
0.0145 |
-0.3820 |
-0.1011 |
-0.2768 |
2006M5 |
0.1794 |
-0.6508 |
-0.2317 |
-0.3259 |
2006M6 |
-0.2752 |
-0.5362 |
-0.3668 |
-0.4669 |
2006M7 |
-0.1809 |
-0.6439 |
-0.5037 |
-0.1240 |
2006M8 |
-0.1330 |
-0.3893 |
-0.2253 |
-0.3806 |
2006M9 |
0.4606 |
-0.5733 |
-0.1426 |
0.2178 |
2006M10 |
0.0873 |
-0.7778 |
-0.3269 |
-0.0483 |
2006M11 |
0.5538 |
-0.3558 |
0.2025 |
-0.0653 |
2006M12 |
0.1971 |
-0.1099 |
0.2353 |
-0.6815 |
2007M1 |
0.7926 |
0.1422 |
0.5918 |
-0.4355 |
2007M2 |
0.1128 |
0.0619 |
0.1839 |
-0.2885 |
2007M3 |
-0.1007 |
0.4208 |
0.3936 |
-0.2440 |
2007M4 |
-0.1414 |
-0.0267 |
0.1618 |
-0.6572 |
2007M5 |
-0.0135 |
-0.0493 |
0.3129 |
-0.6590 |
2007M6 |
0.2594 |
-0.6167 |
0.0280 |
-0.3607 |
2007M7 |
0.6475 |
-0.3820 |
0.5169 |
-0.4151 |
2007M8 |
0.9856 |
-0.3245 |
0.4444 |
0.1098 |
2007M9 |
0.5572 |
0.2647 |
0.5483 |
-0.1660 |
2007M10 |
-0.1671 |
0.8610 |
0.6570 |
-0.2407 |
2007M11 |
-1.0671 |
1.6499 |
0.7818 |
-0.7784 |
2007M12 |
-0.7243 |
1.1753 |
0.5446 |
-0.6359 |
2008M1 |
-0.6760 |
0.9802 |
0.2503 |
-0.5308 |
2008M2 |
-0.0308 |
0.1129 |
0.0772 |
-0.3177 |
2008M3 |
-0.2883 |
0.4188 |
0.1580 |
-0.2989 |
2008M4 |
-0.2664 |
0.5368 |
0.2058 |
-0.2985 |
2008M5 |
-0.4359 |
0.8303 |
0.5390 |
-0.5362 |
2008M6 |
-0.2084 |
0.3016 |
0.6354 |
-0.7340 |
2008M7 |
-0.6284 |
-0.1797 |
0.2329 |
-1.0667 |
2008M8 |
-0.5005 |
-0.9121 |
-0.5765 |
-0.6889 |
2008M9 |
-0.1897 |
-0.3765 |
-0.4722 |
-0.2665 |
2008M10 |
1.0734 |
-2.0008 |
-1.2126 |
0.7831 |
2008M11 |
2.3318 |
-2.7965 |
-1.3753 |
1.7032 |
2008M12 |
2.1648 |
-5.0141 |
-3.3201 |
2.1861 |
2009M1 |
1.8030 |
-2.1864 |
-1.3041 |
1.7607 |
2009M2 |
0.3270 |
-0.3058 |
-0.4711 |
0.9098 |
2009M3 |
0.4573 |
1.2163 |
0.9020 |
0.6447 |
2009M4 |
-0.2188 |
-0.0238 |
-0.6370 |
0.6774 |
2009M5 |
-0.6504 |
-0.4628 |
-1.0051 |
0.3019 |
2009M6 |
-1.1197 |
0.2907 |
-0.2983 |
-0.5112 |
2009M7 |
-0.4151 |
-0.7824 |
-0.3127 |
-0.5155 |
2009M8 |
-0.2028 |
0.3658 |
0.5214 |
-0.6350 |
2009M9 |
0.0872 |
0.0830 |
0.1933 |
-0.3128 |
2009M10 |
-0.3707 |
1.3515 |
0.8935 |
-0.5736 |
2009M11 |
-0.0709 |
-0.0236 |
0.2217 |
-0.4947 |
2009M12 |
-0.2058 |
-0.0021 |
0.1516 |
-0.5623 |
2010M1 |
-0.0662 |
-0.3489 |
0.2178 |
-0.7868 |
2010M2 |
-0.2624 |
-0.1497 |
-0.0161 |
-0.4769 |
2010M3 |
0.2698 |
-0.4539 |
0.4319 |
-0.4850 |
2010M4 |
0.4826 |
-0.3205 |
0.2736 |
-0.1491 |
2010M5 |
0.8578 |
-0.7078 |
0.3511 |
-0.1503 |
2010M6 |
0.5081 |
-0.5484 |
-0.0532 |
0.1636 |
2010M7 |
0.4948 |
-0.4534 |
0.0197 |
0.1868 |
2010M8 |
0.1682 |
-0.4348 |
0.2950 |
-0.4910 |
2010M9 |
-0.0168 |
-0.1297 |
0.3747 |
-0.7251 |
2010M10 |
-0.3282 |
0.0741 |
0.4185 |
-0.9665 |
2010M11 |
-0.1122 |
0.4603 |
0.4175 |
-0.4623 |
2010M12 |
0.0419 |
0.3745 |
0.6235 |
-0.7199 |
2011M1 |
0.0003 |
0.2917 |
0.5415 |
-0.6264 |
2011M2 |
-0.3000 |
0.0219 |
0.2488 |
-0.8208 |
2011M3 |
-0.4008 |
-0.2072 |
-0.0007 |
-0.6799 |
2011M4 |
-0.2507 |
-0.4321 |
-0.1755 |
-0.7054 |
2011M5 |
0.2115 |
-0.5585 |
-0.1650 |
-0.4286 |
2011M6 |
0.2655 |
-0.4481 |
-0.2027 |
-0.3169 |
2011M7 |
0.1732 |
-0.2882 |
-0.2325 |
-0.2448 |
2011M8 |
-0.3377 |
0.1462 |
-0.1287 |
-0.1430 |
2011M9 |
0.1276 |
0.4515 |
0.5338 |
-0.0790 |
2011M10 |
0.1378 |
0.4913 |
0.6212 |
-0.0008 |
2011M11 |
0.3726 |
0.2161 |
0.6149 |
-0.1549 |
2011M12 |
-0.3548 |
-0.0267 |
-0.1991 |
-0.0929 |
2012M1 |
-0.2767 |
0.0131 |
-0.1448 |
0.1264 |
2012M2 |
0.2143 |
-0.0608 |
0.2544 |
0.1636 |
2012M3 |
0.2009 |
0.0007 |
0.2721 |
0.1123 |
2012M4 |
0.3842 |
0.0454 |
0.3653 |
-0.0306 |
2012M5 |
0.2041 |
0.1190 |
-0.1129 |
0.1786 |
2012M6 |
0.9695 |
-0.2266 |
0.2162 |
0.3732 |
2012M7 |
0.4872 |
-0.3256 |
-0.2380 |
0.3258 |
2012M8 |
0.0480 |
-0.1844 |
0.0468 |
-0.0932 |
2012M9 |
-0.3631 |
0.1052 |
0.0436 |
-0.3852 |
2012M10 |
-0.3385 |
0.2173 |
0.2263 |
-0.4910 |
2012M11 |
-0.4822 |
0.4275 |
-0.0767 |
-0.1366 |
2012M12 |
-0.4542 |
0.3341 |
-0.0500 |
-0.1208 |
Return to text
Figure 3: Industry-Adjusted Producer Prices (By Financial and Product-Market Characteristics as of 2006)
Date |
Panel 1: By liquidity ratio (Monthly), Low liquidity firms (Index (Jan. 2008 = 100)) |
Panel 1: By liquidity ratio (Monthly), High liquidity firms (Index (Jan. 2008 = 100)) |
Panel 2: By SGAX ratio (Monthly), Low SGAX firms (Index (Jan. 2008 = 100)) |
Panel 2: By SGAX ratio (Monthly), High SGAX firms (Index (Jan. 2008 = 100)) |
2008M1 |
100.0000 |
100.0000 |
100.0000 |
100.0000 |
2008M2 |
100.2303 |
100.5924 |
100.3762 |
99.7217 |
2008M3 |
99.7824 |
100.4359 |
99.8758 |
99.5558 |
2008M4 |
99.9948 |
100.9318 |
100.5501 |
98.9870 |
2008M5 |
99.5043 |
102.3016 |
101.2415 |
98.4229 |
2008M6 |
99.2510 |
101.9225 |
101.1064 |
97.7062 |
2008M7 |
98.8714 |
99.8666 |
100.0472 |
96.7428 |
2008M8 |
99.5291 |
98.3030 |
98.9846 |
97.2180 |
2008M9 |
99.4894 |
99.5273 |
99.8767 |
97.2637 |
2008M10 |
100.9062 |
94.3235 |
96.7348 |
98.8054 |
2008M11 |
104.1011 |
90.7413 |
95.5388 |
101.9921 |
2008M12 |
105.3277 |
82.5732 |
90.0337 |
103.6692 |
2009M1 |
105.4120 |
86.9411 |
93.2546 |
103.3326 |
2009M2 |
105.2070 |
89.3736 |
94.2455 |
103.8569 |
2009M3 |
105.6201 |
87.5568 |
92.7403 |
104.8545 |
2009M4 |
105.8094 |
85.5794 |
91.0930 |
105.6151 |
2009M5 |
105.5027 |
84.5233 |
90.2846 |
105.1856 |
2009M6 |
104.1854 |
86.4272 |
91.1814 |
103.9055 |
2009M7 |
104.7795 |
83.4458 |
89.5061 |
104.4975 |
2009M8 |
103.6401 |
87.8597 |
91.8072 |
103.8337 |
2009M9 |
104.1787 |
87.4358 |
91.9958 |
103.9019 |
2009M10 |
103.9855 |
88.1536 |
92.6109 |
103.4712 |
2009M11 |
103.3824 |
88.7559 |
93.2327 |
102.7097 |
2009M12 |
103.0101 |
88.5167 |
93.0453 |
102.0807 |
2010M1 |
102.4293 |
89.0160 |
93.3141 |
101.3584 |
2010M2 |
102.9244 |
88.7506 |
92.9259 |
101.9380 |
2010M3 |
103.0342 |
89.6694 |
93.9137 |
101.4640 |
2010M4 |
102.9270 |
90.0403 |
94.2184 |
101.1550 |
2010M5 |
102.9275 |
89.6915 |
93.8828 |
101.3145 |
2010M6 |
103.4132 |
89.2551 |
93.7314 |
101.8288 |
2010M7 |
102.9923 |
90.2858 |
94.2587 |
101.9556 |
2010M8 |
103.1374 |
90.1774 |
94.9527 |
99.8302 |
2010M9 |
102.7773 |
90.0975 |
95.0653 |
99.2889 |
2010M10 |
102.0708 |
90.9721 |
95.6273 |
98.3216 |
2010M11 |
101.7649 |
91.8937 |
96.5188 |
97.8507 |
2010M12 |
101.4929 |
92.4464 |
97.1479 |
96.8642 |
2011M1 |
101.5057 |
92.1830 |
97.1827 |
96.3766 |
2011M2 |
101.6152 |
91.1838 |
96.7141 |
95.3277 |
2011M3 |
101.5377 |
90.4844 |
96.4347 |
94.6894 |
2011M4 |
101.1802 |
90.0553 |
96.1077 |
94.0949 |
2011M5 |
101.5196 |
89.1564 |
95.7640 |
93.8823 |
2011M6 |
101.5671 |
88.9515 |
95.8028 |
93.5808 |
2011M7 |
101.3069 |
88.8040 |
95.7451 |
93.3432 |
2011M8 |
101.4044 |
89.6304 |
95.9424 |
93.6424 |
2011M9 |
101.5647 |
91.4380 |
97.6828 |
93.4310 |
2011M10 |
101.9859 |
91.3436 |
97.8634 |
93.4631 |
2011M11 |
101.1235 |
91.6197 |
97.9547 |
92.7437 |
2011M12 |
101.1282 |
90.8215 |
97.3785 |
92.8831 |
2012M1 |
101.5014 |
90.6663 |
97.4817 |
93.0164 |
2012M2 |
101.4450 |
92.3255 |
98.5601 |
92.7725 |
2012M3 |
101.5916 |
91.1040 |
97.7524 |
92.7623 |
2012M4 |
101.9928 |
91.6406 |
98.2582 |
93.0870 |
2012M5 |
102.4152 |
91.5310 |
98.2478 |
93.5846 |
2012M6 |
102.5447 |
92.7466 |
99.1430 |
93.8562 |
2012M7 |
102.1977 |
91.7724 |
98.3244 |
93.8433 |
2012M8 |
101.6941 |
93.2596 |
98.9516 |
93.2832 |
2012M9 |
101.4323 |
93.1492 |
99.1575 |
92.8264 |
2012M10 |
101.3318 |
92.7462 |
98.8811 |
92.5572 |
2012M11 |
102.0919 |
91.9256 |
98.6859 |
92.9364 |
2012M12 |
101.7678 |
92.6299 |
99.1803 |
92.6586 |
Return to text
Figure 4: The Effect of Liquidity and SGAX Ratios on the Probability of Price Adjustment
Date |
Panel 1: Marginal effect of liquidity ratio, probability of a price increase, Estimate |
Panel 1: Marginal effect of liquidity ratio, probability of a price increase, + 2 SEs |
Panel 1: Marginal effect of liquidity ratio, probability of a price increase, - 2 SEs |
Panel 2: Marginal effect of liquidity ratio, probability of a price decrease, Estimate |
Panel 2: Marginal effect of liquidity ratio, probability of a price decrease, + 2 SEs |
Panel 2: Marginal effect of liquidity ratio, probability of a price decrease, - 2 SEs |
Panel 3: Marginal effect of SGAX ratio, probability of a price increase, Estimate |
Panel 3: Marginal effect of SGAX ratio, probability of a price increase, + 2 SEs |
Panel 3: Marginal effect of SGAX ratio, probability of a price increase, - 2 SEs |
Panel 4: Marginal effect of SGAX ratio, probability of a price decrease, Estimate |
Panel 4: Marginal effect of SGAX ratio, probability of a price decrease, + 2 SEs |
Panel 4: Marginal effect of SGAX ratio, probability of a price decrease, - 2 SEs |
2006Q1 |
0.0568 |
0.2877 |
-0.1741 |
0.0620 |
0.2262 |
-0.1022 |
-0.3742 |
-0.1668 |
-0.5816 |
-0.2337 |
-0.0485 |
-0.4189 |
2006Q2 |
-0.0667 |
0.1644 |
-0.2977 |
0.1151 |
0.2712 |
-0.0410 |
-0.3383 |
-0.1241 |
-0.5526 |
-0.2405 |
-0.0519 |
-0.4290 |
2006Q3 |
0.0518 |
0.2723 |
-0.1687 |
0.0751 |
0.2421 |
-0.0919 |
-0.4188 |
-0.1817 |
-0.6560 |
-0.2701 |
-0.0773 |
-0.4628 |
2006Q4 |
0.0087 |
0.2312 |
-0.2138 |
0.1142 |
0.2759 |
-0.0475 |
-0.3695 |
-0.1175 |
-0.6215 |
-0.2459 |
-0.0536 |
-0.4383 |
2007Q1 |
-0.0042 |
0.2251 |
-0.2335 |
0.1609 |
0.3177 |
0.0041 |
-0.3759 |
-0.1398 |
-0.6121 |
-0.2620 |
-0.0505 |
-0.4734 |
2007Q2 |
0.0095 |
0.2171 |
-0.1981 |
0.1264 |
0.2923 |
-0.0395 |
-0.3817 |
-0.1758 |
-0.5875 |
-0.2198 |
-0.0110 |
-0.4286 |
2007Q3 |
-0.0095 |
0.1846 |
-0.2037 |
0.0986 |
0.2600 |
-0.0627 |
-0.3096 |
-0.1188 |
-0.5005 |
-0.1904 |
0.0045 |
-0.3853 |
2007Q4 |
0.0350 |
0.2285 |
-0.1584 |
0.0750 |
0.2368 |
-0.0867 |
-0.3298 |
-0.1472 |
-0.5124 |
-0.1920 |
0.0069 |
-0.3909 |
2008Q1 |
-0.0380 |
0.1749 |
-0.2509 |
0.0926 |
0.2504 |
-0.0651 |
-0.3350 |
-0.1445 |
-0.5254 |
-0.1865 |
-0.0006 |
-0.3724 |
2008Q2 |
-0.1459 |
0.1108 |
-0.4026 |
0.1000 |
0.2525 |
-0.0525 |
-0.3815 |
-0.1682 |
-0.5949 |
-0.1623 |
0.0056 |
-0.3302 |
2008Q3 |
-0.2492 |
0.0066 |
-0.5049 |
0.1048 |
0.2595 |
-0.0498 |
-0.3021 |
-0.1189 |
-0.4853 |
-0.2228 |
-0.0469 |
-0.3987 |
2008Q4 |
-0.3687 |
-0.1309 |
-0.6065 |
0.1151 |
0.2836 |
-0.0533 |
-0.2796 |
-0.1138 |
-0.4453 |
-0.2819 |
-0.0958 |
-0.4681 |
2009Q1 |
-0.3545 |
-0.1534 |
-0.5556 |
0.0708 |
0.2719 |
-0.1303 |
-0.1742 |
-0.0281 |
-0.3204 |
-0.3875 |
-0.1865 |
-0.5885 |
2009Q2 |
-0.1920 |
-0.0107 |
-0.3734 |
0.0432 |
0.2710 |
-0.1846 |
-0.0958 |
0.0447 |
-0.2364 |
-0.4528 |
-0.2364 |
-0.6691 |
2009Q3 |
-0.0759 |
0.1013 |
-0.2530 |
0.0429 |
0.2575 |
-0.1718 |
-0.1635 |
-0.0095 |
-0.3176 |
-0.4196 |
-0.1958 |
-0.6434 |
2009Q4 |
-0.0330 |
0.1638 |
-0.2299 |
0.0120 |
0.1999 |
-0.1760 |
-0.2138 |
-0.0180 |
-0.4097 |
-0.3728 |
-0.1747 |
-0.5710 |
2010Q1 |
-0.0366 |
0.1751 |
-0.2483 |
0.0906 |
0.2385 |
-0.0574 |
-0.2901 |
-0.0802 |
-0.5001 |
-0.3427 |
-0.1675 |
-0.5180 |
2010Q2 |
-0.0199 |
0.1824 |
-0.2222 |
0.0833 |
0.2376 |
-0.0710 |
-0.3201 |
-0.0995 |
-0.5407 |
-0.3343 |
-0.1577 |
-0.5108 |
2010Q3 |
-0.0111 |
0.1804 |
-0.2025 |
0.0751 |
0.2334 |
-0.0831 |
-0.3745 |
-0.1563 |
-0.5928 |
-0.2875 |
-0.1193 |
-0.4556 |
2010Q4 |
0.0418 |
0.2384 |
-0.1547 |
0.0979 |
0.2384 |
-0.0427 |
-0.4329 |
-0.2232 |
-0.6425 |
-0.2050 |
-0.0311 |
-0.3789 |
2011Q1 |
0.0605 |
0.2687 |
-0.1477 |
0.0589 |
0.2001 |
-0.0824 |
-0.4498 |
-0.2231 |
-0.6765 |
-0.1649 |
0.0080 |
-0.3378 |
2011Q2 |
0.0178 |
0.2302 |
-0.1946 |
0.0551 |
0.1868 |
-0.0766 |
-0.4792 |
-0.2654 |
-0.6930 |
-0.1382 |
0.0304 |
-0.3069 |
2011Q3 |
-0.0097 |
0.2010 |
-0.2203 |
0.0388 |
0.1781 |
-0.1006 |
-0.4027 |
-0.1979 |
-0.6075 |
-0.2127 |
-0.0169 |
-0.4085 |
2011Q4 |
-0.1108 |
0.1096 |
-0.3312 |
0.0302 |
0.1785 |
-0.1181 |
-0.3462 |
-0.1298 |
-0.5625 |
-0.2610 |
-0.0659 |
-0.4562 |
2012Q1 |
-0.1006 |
0.1043 |
-0.3056 |
0.0304 |
0.2051 |
-0.1444 |
-0.2900 |
-0.0829 |
-0.4970 |
-0.3244 |
-0.0911 |
-0.5578 |
2012Q2 |
-0.0820 |
0.1143 |
-0.2783 |
-0.0065 |
0.1708 |
-0.1837 |
-0.2945 |
-0.0825 |
-0.5064 |
-0.3522 |
-0.1304 |
-0.5739 |
2012Q3 |
-0.0594 |
0.1211 |
-0.2399 |
0.0208 |
0.2101 |
-0.1686 |
-0.3008 |
-0.0867 |
-0.5149 |
-0.3674 |
-0.1499 |
-0.5849 |
2012Q4 |
0.0079 |
0.1872 |
-0.1715 |
0.0508 |
0.2633 |
-0.1618 |
-0.3369 |
-0.1276 |
-0.5462 |
-0.4768 |
-0.2364 |
-0.7171 |
Return to text
Figure 5: The Effect of Liquidity Ratio on Producer Price Inflation
Date |
Estimate |
+ 2 SEs |
- 2 SEs |
2006Q1 |
0.0010 |
0.0161 |
-0.0141 |
2006Q2 |
-0.0188 |
0.0031 |
-0.0407 |
2006Q3 |
-0.0078 |
0.0112 |
-0.0269 |
2006Q4 |
-0.0094 |
0.0078 |
-0.0266 |
2007Q1 |
-0.0123 |
0.0074 |
-0.0321 |
2007Q2 |
-0.0053 |
0.0154 |
-0.0259 |
2007Q3 |
-0.0040 |
0.0185 |
-0.0264 |
2007Q4 |
0.0026 |
0.0245 |
-0.0192 |
2008Q1 |
-0.0008 |
0.0226 |
-0.0242 |
2008Q2 |
-0.0061 |
0.0146 |
-0.0268 |
2008Q3 |
-0.0169 |
0.0030 |
-0.0368 |
2008Q4 |
-0.0314 |
-0.0093 |
-0.0536 |
2009Q1 |
-0.0370 |
-0.0046 |
-0.0693 |
2009Q2 |
-0.0302 |
0.0093 |
-0.0697 |
2009Q3 |
-0.0176 |
0.0148 |
-0.0501 |
2009Q4 |
-0.0053 |
0.0178 |
-0.0283 |
2010Q1 |
-0.0051 |
0.0107 |
-0.0209 |
2010Q2 |
-0.0035 |
0.0114 |
-0.0185 |
2010Q3 |
0.0009 |
0.0186 |
-0.0169 |
2010Q4 |
-0.0020 |
0.0105 |
-0.0146 |
2011Q1 |
-0.0066 |
0.0109 |
-0.0240 |
2011Q2 |
-0.0092 |
0.0046 |
-0.0230 |
2011Q3 |
-0.0046 |
0.0066 |
-0.0159 |
2011Q4 |
-0.0158 |
-0.0055 |
-0.0261 |
2012Q1 |
-0.0174 |
-0.0053 |
-0.0295 |
2012Q2 |
-0.0151 |
-0.0039 |
-0.0263 |
2012Q3 |
-0.0151 |
-0.0030 |
-0.0271 |
2012Q4 |
-0.0074 |
0.0070 |
-0.0218 |
Return to text
Figure 6: The Impact of a Demand Shock During Financial Crisis (With Nominal Rigidities)
Period |
Panel A: Output (Percent), Without financial frictions |
Panel A: Output (Percent), With financial frictions |
Panel B: Hours worked (Percent), Without financial frictions |
Panel B: Hours worked (Percent), With financial frictions |
Panel C: Inflation (Percentage points), Without financial frictions |
Panel C: Inflation (Percentage points), With financial frictions |
Panel D: Real wage (Percent), Without financial frictions |
Panel D: Real wage (Percent), With financial frictions |
Panel E: Markup (Percentage points), Without financial frictions |
Panel E: Markup (Percentage points), With financial frictions |
Panel F: Value of international funds (Percentage points), Without financial frictions |
Panel F: Value of international funds (Percentage points), With financial frictions |
Panel G: Value of marginal sales (Percent), Without financial frictions |
With financial frictions |
Panel H: Interest rate (Percentage points), Without financial frictions |
With financial frictions |
1 |
-1.3102 |
-1.5781 |
-1.0578 |
-1.2571 |
-0.2214 |
0.1762 |
0.0447 |
-0.0545 |
0.1448 |
0.3129 |
0.0000 |
1.8436 |
0.1305 |
1.0494 |
-0.0843 |
0.0894 |
2 |
-1.1323 |
-1.4067 |
-0.9142 |
-1.1206 |
-0.1684 |
0.0437 |
0.0760 |
-0.0701 |
0.0776 |
0.3067 |
0.0000 |
1.4940 |
0.0959 |
0.9642 |
-0.1273 |
0.0893 |
3 |
-0.9904 |
-1.2364 |
-0.7996 |
-0.9850 |
-0.1295 |
-0.0165 |
0.0969 |
-0.0668 |
0.0293 |
0.2762 |
0.0000 |
1.2776 |
0.0688 |
0.8950 |
-0.1448 |
0.0586 |
4 |
-0.8739 |
-1.0826 |
-0.7055 |
-0.8624 |
-0.1016 |
-0.0386 |
0.1099 |
-0.0556 |
-0.0051 |
0.2381 |
0.0000 |
1.1388 |
0.0485 |
0.8357 |
-0.1473 |
0.0243 |
5 |
-0.7755 |
-0.9491 |
-0.6261 |
-0.7561 |
-0.0819 |
-0.0426 |
0.1172 |
-0.0422 |
-0.0295 |
0.2004 |
0.0000 |
1.0432 |
0.0340 |
0.7828 |
-0.1416 |
-0.0034 |
6 |
-0.6906 |
-0.8351 |
-0.5576 |
-0.6652 |
-0.0681 |
-0.0391 |
0.1206 |
-0.0295 |
-0.0469 |
0.1664 |
0.0000 |
0.9709 |
0.0239 |
0.7343 |
-0.1321 |
-0.0224 |
7 |
-0.6161 |
-0.7376 |
-0.4974 |
-0.5876 |
-0.0584 |
-0.0335 |
0.1213 |
-0.0184 |
-0.0592 |
0.1371 |
0.0000 |
0.9108 |
0.0170 |
0.6894 |
-0.1213 |
-0.0338 |
8 |
-0.5499 |
-0.6538 |
-0.4440 |
-0.5208 |
-0.0515 |
-0.0280 |
0.1202 |
-0.0091 |
-0.0680 |
0.1123 |
0.0000 |
0.8572 |
0.0125 |
0.6473 |
-0.1106 |
-0.0395 |
9 |
-0.4907 |
-0.5810 |
-0.3962 |
-0.4629 |
-0.0464 |
-0.0234 |
0.1180 |
-0.0015 |
-0.0744 |
0.0913 |
0.0000 |
0.8075 |
0.0096 |
0.6079 |
-0.1006 |
-0.0415 |
10 |
-0.4375 |
-0.5173 |
-0.3532 |
-0.4121 |
-0.0425 |
-0.0199 |
0.1151 |
0.0047 |
-0.0789 |
0.0735 |
0.0000 |
0.7606 |
0.0078 |
0.5709 |
-0.0916 |
-0.0412 |
11 |
-0.3896 |
-0.4611 |
-0.3145 |
-0.3673 |
-0.0393 |
-0.0173 |
0.1118 |
0.0097 |
-0.0820 |
0.0585 |
0.0000 |
0.7161 |
0.0066 |
0.5363 |
-0.0837 |
-0.0397 |
12 |
-0.3464 |
-0.4112 |
-0.2797 |
-0.3275 |
-0.0366 |
-0.0153 |
0.1082 |
0.0137 |
-0.0841 |
0.0456 |
0.0000 |
0.6739 |
0.0058 |
0.5038 |
-0.0767 |
-0.0376 |
13 |
-0.3076 |
-0.3667 |
-0.2484 |
-0.2921 |
-0.0343 |
-0.0139 |
0.1045 |
0.0170 |
-0.0854 |
0.0345 |
0.0000 |
0.6339 |
0.0053 |
0.4733 |
-0.0706 |
-0.0352 |
14 |
-0.2728 |
-0.3269 |
-0.2202 |
-0.2604 |
-0.0321 |
-0.0127 |
0.1008 |
0.0196 |
-0.0860 |
0.0250 |
0.0000 |
0.5962 |
0.0049 |
0.4448 |
-0.0652 |
-0.0328 |
15 |
-0.2415 |
-0.2913 |
-0.1950 |
-0.2321 |
-0.0301 |
-0.0117 |
0.0970 |
0.0217 |
-0.0860 |
0.0168 |
0.0000 |
0.5607 |
0.0046 |
0.4182 |
-0.0603 |
-0.0306 |
16 |
-0.2135 |
-0.2595 |
-0.1724 |
-0.2067 |
-0.0282 |
-0.0109 |
0.0933 |
0.0234 |
-0.0856 |
0.0098 |
0.0000 |
0.5273 |
0.0043 |
0.3932 |
-0.0560 |
-0.0285 |
17 |
-0.1884 |
-0.2310 |
-0.1521 |
-0.1840 |
-0.0265 |
-0.0102 |
0.0896 |
0.0247 |
-0.0848 |
0.0038 |
0.0000 |
0.4960 |
0.0041 |
0.3698 |
-0.0521 |
-0.0265 |
18 |
-0.1661 |
-0.2055 |
-0.1341 |
-0.1637 |
-0.0248 |
-0.0095 |
0.0860 |
0.0256 |
-0.0836 |
-0.0014 |
0.0000 |
0.4666 |
0.0039 |
0.3478 |
-0.0485 |
-0.0247 |
19 |
-0.1461 |
-0.1826 |
-0.1180 |
-0.1455 |
-0.0232 |
-0.0089 |
0.0824 |
0.0263 |
-0.0822 |
-0.0057 |
0.0000 |
0.4391 |
0.0036 |
0.3273 |
-0.0452 |
-0.0231 |
20 |
-0.1283 |
-0.1622 |
-0.1036 |
-0.1292 |
-0.0218 |
-0.0083 |
0.0789 |
0.0267 |
-0.0805 |
-0.0094 |
0.0000 |
0.4133 |
0.0034 |
0.3080 |
-0.0422 |
-0.0215 |
Return to text
Figure 7: The Impact of a Demand Shock During Financial Crisis (Without Nominal Rigidities)
Period |
Panel A: Output (Percent), Without financial frictions |
Panel A: Output (Percent), With financial frictions |
Panel B: Hours worked (Percent), Without financial frictions |
Panel B: Hours worked (Percent), With financial frictions |
Panel C: Inflation (Percentage points), Without financial frictions |
Panel C: Inflation (Percentage points), With financial frictions |
Panel D: Real wage (Percent), Without financial frictions |
Panel D: Real wage (Percent), With financial frictions |
Panel E: Markup (Percentage points), Without financial frictions |
Panel E: Markup (Percentage points), With financial frictions |
Panel F: Value of international funds (Percentage points), Without financial frictions |
Panel F: Value of international funds (Percentage points), With financial frictions |
Panel G: Value of marginal sales (Percent), Without financial frictions |
With financial frictions |
Panel H: Interest rate (Percentage points), Without financial frictions |
With financial frictions |
1 |
-1.2287 |
-1.4697 |
-0.9920 |
-1.1708 |
0.0000 |
0.0000 |
0.1383 |
-0.1020 |
0.0134 |
0.3574 |
0.0000 |
1.3622 |
0.0000 |
1.0120 |
-0.0870 |
-0.0231 |
2 |
-1.0935 |
-1.3151 |
-0.8829 |
-1.0477 |
0.0000 |
0.0000 |
0.1387 |
-0.0830 |
-0.0079 |
0.3092 |
0.0000 |
1.2760 |
0.0000 |
0.9479 |
-0.0813 |
-0.0225 |
3 |
-0.9726 |
-1.1764 |
-0.7852 |
-0.9372 |
0.0000 |
0.0000 |
0.1382 |
-0.0664 |
-0.0259 |
0.2665 |
0.0000 |
1.1956 |
0.0000 |
0.8882 |
-0.0759 |
-0.0218 |
4 |
-0.8645 |
-1.0520 |
-0.6980 |
-0.8381 |
0.0000 |
0.0000 |
0.1370 |
-0.0520 |
-0.0409 |
0.2288 |
0.0000 |
1.1207 |
0.0000 |
0.8325 |
-0.0710 |
-0.0211 |
5 |
-0.7678 |
-0.9404 |
-0.6199 |
-0.7492 |
0.0000 |
0.0000 |
0.1351 |
-0.0394 |
-0.0534 |
0.1954 |
0.0000 |
1.0508 |
0.0000 |
0.7806 |
-0.0664 |
-0.0205 |
6 |
-0.6815 |
-0.8403 |
-0.5502 |
-0.6694 |
0.0000 |
0.0000 |
0.1327 |
-0.0285 |
-0.0637 |
0.1659 |
0.0000 |
0.9855 |
0.0000 |
0.7321 |
-0.0621 |
-0.0198 |
7 |
-0.6043 |
-0.7506 |
-0.4879 |
-0.5979 |
0.0000 |
0.0000 |
0.1299 |
-0.0190 |
-0.0720 |
0.1400 |
0.0000 |
0.9246 |
0.0000 |
0.6869 |
-0.0580 |
-0.0191 |
8 |
-0.5354 |
-0.6701 |
-0.4322 |
-0.5338 |
0.0000 |
0.0000 |
0.1268 |
-0.0109 |
-0.0785 |
0.1171 |
0.0000 |
0.8677 |
0.0000 |
0.6446 |
-0.0543 |
-0.0184 |
9 |
-0.4739 |
-0.5980 |
-0.3826 |
-0.4764 |
0.0000 |
0.0000 |
0.1233 |
-0.0039 |
-0.0836 |
0.0971 |
0.0000 |
0.8145 |
0.0000 |
0.6051 |
-0.0508 |
-0.0177 |
10 |
-0.4190 |
-0.5334 |
-0.3383 |
-0.4249 |
0.0000 |
0.0000 |
0.1197 |
0.0020 |
-0.0875 |
0.0795 |
0.0000 |
0.7648 |
0.0000 |
0.5682 |
-0.0475 |
-0.0170 |
11 |
-0.3701 |
-0.4755 |
-0.2988 |
-0.3788 |
0.0000 |
0.0000 |
0.1159 |
0.0071 |
-0.0902 |
0.0640 |
0.0000 |
0.7183 |
0.0000 |
0.5336 |
-0.0445 |
-0.0163 |
12 |
-0.3264 |
-0.4236 |
-0.2635 |
-0.3375 |
0.0000 |
0.0000 |
0.1119 |
0.0113 |
-0.0919 |
0.0506 |
0.0000 |
0.6748 |
0.0000 |
0.5013 |
-0.0417 |
-0.0156 |
13 |
-0.2876 |
-0.3772 |
-0.2322 |
-0.3005 |
0.0000 |
0.0000 |
0.1080 |
0.0149 |
-0.0928 |
0.0389 |
0.0000 |
0.6341 |
0.0000 |
0.4711 |
-0.0390 |
-0.0150 |
14 |
-0.2530 |
-0.3356 |
-0.2042 |
-0.2674 |
0.0000 |
0.0000 |
0.1039 |
0.0178 |
-0.0930 |
0.0287 |
0.0000 |
0.5960 |
0.0000 |
0.4428 |
-0.0365 |
-0.0143 |
15 |
-0.2222 |
-0.2984 |
-0.1794 |
-0.2377 |
0.0000 |
0.0000 |
0.0999 |
0.0202 |
-0.0927 |
0.0199 |
0.0000 |
0.5603 |
0.0000 |
0.4162 |
-0.0342 |
-0.0137 |
16 |
-0.1948 |
-0.2652 |
-0.1573 |
-0.2112 |
0.0000 |
0.0000 |
0.0959 |
0.0222 |
-0.0918 |
0.0123 |
0.0000 |
0.5269 |
0.0000 |
0.3914 |
-0.0320 |
-0.0131 |
17 |
-0.1705 |
-0.2354 |
-0.1376 |
-0.1875 |
0.0000 |
0.0000 |
0.0920 |
0.0237 |
-0.0905 |
0.0057 |
0.0000 |
0.4955 |
0.0000 |
0.3681 |
-0.0300 |
-0.0125 |
18 |
-0.1488 |
-0.2088 |
-0.1202 |
-0.1663 |
0.0000 |
0.0000 |
0.0881 |
0.0249 |
-0.0889 |
0.0001 |
0.0000 |
0.4661 |
0.0000 |
0.3463 |
-0.0281 |
-0.0119 |
19 |
-0.1297 |
-0.1850 |
-0.1047 |
-0.1474 |
0.0000 |
0.0000 |
0.0842 |
0.0257 |
-0.0870 |
-0.0046 |
0.0000 |
0.4386 |
0.0000 |
0.3258 |
-0.0264 |
-0.0114 |
20 |
-0.1127 |
-0.1638 |
-0.0910 |
-0.1305 |
0.0000 |
0.0000 |
0.0805 |
0.0263 |
-0.0848 |
-0.0086 |
0.0000 |
0.4127 |
0.0000 |
0.3066 |
-0.0247 |
-0.0109 |
Return to text
Figure 8: The Impact of a Financial Shock (With Nominal Rigidities)
Period |
Panel A: Output (Percent), With deep habit |
Panel A: Output (Percent), Without deep habit |
Panel B: Hours worked (Percent), With deep habit |
Panel B: Hours worked (Percent), Without deep habit |
Panel C: Inflation (Percentage points), With deep habit |
Panel C: Inflation (Percentage points), Without deep habit |
Panel D: Real wage (Percent), With deep habit |
Panel D: Real wage (Percent), Without deep habit |
Panel E: Markup (Percentage points), With deep habit |
Panel E: Markup (Percentage points), Without deep habit |
Panel F: Value of international funds (Percentage points), With deep habit |
Panel F: Value of international funds (Percentage points), Without deep habit |
Panel G: Value of marginal sales (Percent), With deep habit |
Panel G: Value of marginal sales (Percent), Without deep habit |
Panel H: Interest rate (Percentage points), With deep habit |
Panel H: Interest rate (Percentage points), Without deep habit |
1 |
-0.6626 |
-0.1205 |
-0.5504 |
-0.0627 |
1.2633 |
0.1714 |
-0.3386 |
-0.0500 |
0.5641 |
0.1266 |
3.9079 |
4.5873 |
1.87370 |
3.98550 |
0.480950 |
0.065234 |
2 |
-0.7033 |
-0.1321 |
-0.5842 |
-0.0687 |
0.6420 |
0.1123 |
-0.4919 |
-0.0795 |
0.7646 |
0.1887 |
3.0180 |
4.0614 |
1.80950 |
3.56520 |
0.605140 |
0.091693 |
3 |
-0.6341 |
-0.1283 |
-0.5267 |
-0.0668 |
0.3103 |
0.0745 |
-0.5387 |
-0.0949 |
0.8085 |
0.2189 |
2.4310 |
3.5999 |
1.70720 |
3.18460 |
0.571970 |
0.097144 |
4 |
-0.5328 |
-0.1174 |
-0.4425 |
-0.0611 |
0.1450 |
0.0506 |
-0.5288 |
-0.1008 |
0.7748 |
0.2285 |
2.0361 |
3.1970 |
1.58530 |
2.84400 |
0.484170 |
0.092132 |
5 |
-0.4342 |
-0.1041 |
-0.3607 |
-0.0542 |
0.0700 |
0.0357 |
-0.4922 |
-0.1007 |
0.7080 |
0.2254 |
1.7595 |
2.8453 |
1.45680 |
2.54130 |
0.389780 |
0.082675 |
6 |
-0.3511 |
-0.0908 |
-0.2916 |
-0.0472 |
0.0407 |
0.0263 |
-0.4455 |
-0.0969 |
0.6320 |
0.2150 |
1.5544 |
2.5376 |
1.32980 |
2.27280 |
0.307820 |
0.072031 |
7 |
-0.2855 |
-0.0786 |
-0.2371 |
-0.0409 |
0.0323 |
0.0205 |
-0.3975 |
-0.0911 |
0.5580 |
0.2006 |
1.3925 |
2.2677 |
1.20900 |
2.03480 |
0.243150 |
0.061823 |
8 |
-0.2352 |
-0.0679 |
-0.1954 |
-0.0353 |
0.0320 |
0.0168 |
-0.3523 |
-0.0843 |
0.4908 |
0.1846 |
1.2576 |
2.0298 |
1.09670 |
1.82350 |
0.194530 |
0.052750 |
9 |
-0.1970 |
-0.0588 |
-0.1636 |
-0.0306 |
0.0337 |
0.0143 |
-0.3115 |
-0.0772 |
0.4316 |
0.1684 |
1.1404 |
1.8193 |
0.99377 |
1.63570 |
0.158720 |
0.045005 |
10 |
-0.1676 |
-0.0511 |
-0.1392 |
-0.0266 |
0.0349 |
0.0126 |
-0.2754 |
-0.0702 |
0.3802 |
0.1527 |
1.0359 |
1.6325 |
0.90009 |
1.46840 |
0.132330 |
0.038538 |
11 |
-0.1445 |
-0.0447 |
-0.1200 |
-0.0233 |
0.0350 |
0.0113 |
-0.2436 |
-0.0636 |
0.3355 |
0.1379 |
0.9415 |
1.4661 |
0.81526 |
1.31900 |
0.112550 |
0.033191 |
12 |
-0.1258 |
-0.0392 |
-0.1045 |
-0.0204 |
0.0339 |
0.0102 |
-0.2157 |
-0.0574 |
0.2966 |
0.1242 |
0.8556 |
1.3175 |
0.73860 |
1.18540 |
0.097305 |
0.028778 |
13 |
-0.1103 |
-0.0346 |
-0.0917 |
-0.0180 |
0.0319 |
0.0093 |
-0.1911 |
-0.0517 |
0.2626 |
0.1118 |
0.7773 |
1.1846 |
0.66938 |
1.06580 |
0.085137 |
0.025122 |
14 |
-0.0972 |
-0.0307 |
-0.0807 |
-0.0160 |
0.0295 |
0.0085 |
-0.1695 |
-0.0465 |
0.2327 |
0.1005 |
0.7060 |
1.0654 |
0.60690 |
0.95855 |
0.075091 |
0.022070 |
15 |
-0.0858 |
-0.0273 |
-0.0713 |
-0.0142 |
0.0269 |
0.0077 |
-0.1503 |
-0.0419 |
0.2063 |
0.0904 |
0.6411 |
0.9584 |
0.55048 |
0.86228 |
0.066554 |
0.019497 |
16 |
-0.0758 |
-0.0244 |
-0.0629 |
-0.0127 |
0.0242 |
0.0070 |
-0.1333 |
-0.0377 |
0.1829 |
0.0812 |
0.5822 |
0.8624 |
0.49951 |
0.77580 |
0.059140 |
0.017305 |
17 |
-0.0669 |
-0.0218 |
-0.0556 |
-0.0114 |
0.0217 |
0.0064 |
-0.1181 |
-0.0339 |
0.1621 |
0.0730 |
0.5287 |
0.7760 |
0.45344 |
0.69808 |
0.052606 |
0.015417 |
18 |
-0.0590 |
-0.0196 |
-0.0490 |
-0.0102 |
0.0193 |
0.0058 |
-0.1047 |
-0.0304 |
0.1435 |
0.0656 |
0.4801 |
0.6984 |
0.41178 |
0.62820 |
0.046796 |
0.013775 |
19 |
-0.0520 |
-0.0176 |
-0.0432 |
-0.0091 |
0.0171 |
0.0053 |
-0.0926 |
-0.0274 |
0.1270 |
0.0590 |
0.4362 |
0.6285 |
0.37409 |
0.56534 |
0.041605 |
0.012336 |
20 |
-0.0458 |
-0.0158 |
-0.0380 |
-0.0082 |
0.0151 |
0.0048 |
-0.0819 |
-0.0246 |
0.1122 |
0.0531 |
0.3964 |
0.5657 |
0.33999 |
0.50879 |
0.036957 |
0.011065 |
Return to text
Figure 9: Impact of a Demand Shock During Financial Crisis (Alternative Money Policy Rules)
Period |
Panel A: Markup (Percentage points), τy = 0 |
Panel A: Markup (Percentage points), τy = 0.125 |
Panel A: Markup (Percentage points), τy = 0.250 |
Panel B: Inflation (Percentage points), τy = 0 |
Panel B: Inflation (Percentage points), τy = 0.125 |
Panel B: Inflation (Percentage points), τy = 0.250 |
Panel C: Output (Percent), τy = 0 |
Panel C: Output (Percent), τy = 0.125 |
Panel C: Output (Percent), τy = 0.250 |
Panel D: Real interest rate (Percentage points), τy = 0 |
Panel D: Real interest rate (Percentage points), τy = 0.125 |
Panel D: Real interest rate (Percentage points), τy = 0.250 |
1 |
0.31290 |
0.17044 |
0.09030 |
0.17621 |
0.36029 |
0.48446 |
-1.54260 |
-1.06500 |
-0.79466 |
-0.08676 |
-0.31524 |
-0.44380 |
2 |
0.30668 |
0.15550 |
0.07027 |
0.04369 |
0.30726 |
0.47543 |
-1.37510 |
-0.97229 |
-0.74406 |
0.04558 |
-0.24334 |
-0.39579 |
3 |
0.27617 |
0.13810 |
0.05929 |
-0.01647 |
0.26408 |
0.44083 |
-1.20870 |
-0.88014 |
-0.69130 |
0.07505 |
-0.19600 |
-0.33589 |
4 |
0.23806 |
0.12001 |
0.05125 |
-0.03862 |
0.22907 |
0.39787 |
-1.05830 |
-0.79255 |
-0.63604 |
0.06296 |
-0.16430 |
-0.28149 |
5 |
0.20038 |
0.10243 |
0.04387 |
-0.04262 |
0.20035 |
0.35475 |
-0.92782 |
-0.71146 |
-0.58020 |
0.03924 |
-0.14216 |
-0.23725 |
6 |
0.16644 |
0.08603 |
0.03654 |
-0.03913 |
0.17636 |
0.31487 |
-0.81631 |
-0.63753 |
-0.52577 |
0.01673 |
-0.12570 |
-0.20272 |
7 |
0.13714 |
0.07114 |
0.02932 |
-0.03347 |
0.15593 |
0.27923 |
-0.72104 |
-0.57072 |
-0.47422 |
-0.00032 |
-0.11265 |
-0.17586 |
8 |
0.11228 |
0.05786 |
0.02241 |
-0.02796 |
0.13824 |
0.24780 |
-0.63910 |
-0.51064 |
-0.42638 |
-0.01158 |
-0.10169 |
-0.15462 |
9 |
0.09129 |
0.04613 |
0.01601 |
-0.02339 |
0.12271 |
0.22014 |
-0.56798 |
-0.45674 |
-0.38258 |
-0.01813 |
-0.09212 |
-0.13733 |
10 |
0.07354 |
0.03586 |
0.01021 |
-0.01989 |
0.10897 |
0.19576 |
-0.50570 |
-0.40842 |
-0.34283 |
-0.02135 |
-0.08357 |
-0.12283 |
11 |
0.05846 |
0.02692 |
0.00508 |
-0.01727 |
0.09674 |
0.17419 |
-0.45072 |
-0.36512 |
-0.30696 |
-0.02243 |
-0.07584 |
-0.11036 |
12 |
0.04557 |
0.01916 |
0.00060 |
-0.01533 |
0.08584 |
0.15503 |
-0.40192 |
-0.32633 |
-0.27469 |
-0.02223 |
-0.06882 |
-0.09941 |
13 |
0.03452 |
0.01246 |
-0.00326 |
-0.01385 |
0.07609 |
0.13797 |
-0.35843 |
-0.29156 |
-0.24570 |
-0.02135 |
-0.06244 |
-0.08969 |
14 |
0.02502 |
0.00668 |
-0.00655 |
-0.01269 |
0.06738 |
0.12274 |
-0.31957 |
-0.26040 |
-0.21970 |
-0.02015 |
-0.05664 |
-0.08097 |
15 |
0.01684 |
0.00174 |
-0.00933 |
-0.01173 |
0.05959 |
0.10914 |
-0.28480 |
-0.23248 |
-0.19637 |
-0.01885 |
-0.05138 |
-0.07313 |
16 |
0.00981 |
-0.00248 |
-0.01164 |
-0.01091 |
0.05263 |
0.09698 |
-0.25367 |
-0.20745 |
-0.17546 |
-0.01757 |
-0.04661 |
-0.06607 |
17 |
0.00379 |
-0.00606 |
-0.01355 |
-0.01018 |
0.04642 |
0.08610 |
-0.22579 |
-0.18503 |
-0.15671 |
-0.01634 |
-0.04228 |
-0.05969 |
18 |
-0.00136 |
-0.00908 |
-0.01511 |
-0.00951 |
0.04088 |
0.07638 |
-0.20084 |
-0.16494 |
-0.13990 |
-0.01520 |
-0.03837 |
-0.05393 |
19 |
-0.00574 |
-0.01160 |
-0.01636 |
-0.00891 |
0.03594 |
0.06769 |
-0.17850 |
-0.14694 |
-0.12483 |
-0.01415 |
-0.03483 |
-0.04874 |
20 |
-0.00943 |
-0.01368 |
-0.01733 |
-0.00834 |
0.03154 |
0.05992 |
-0.15851 |
-0.13082 |
-0.11133 |
-0.01319 |
-0.03163 |
-0.04405 |
Return to text
Figure 10: The Impact of a Financial Shock (Heterogeneous Firms)
Period |
Panel A: Relative prices (Percent), Financially strong |
Panel A: Relative prices (Percent), Financially weak |
Panel B: Inflation (Percentage points), Financially strong |
Panel B: Inflation (Percentage points), Financially weak |
Panel B: Inflation (Percentage points), Aggregate |
Panel C: Output (Percent), Financially strong |
Panel C: Output (Percent), Financially weak |
Panel C: Output (Percent), Aggregate |
Panel D: Hours worked (Percent), Financially strong |
Panel D: Hours worked (Percent), Financially weak |
Panel D: Hours worked (Percent), Aggregate |
Panel E: Relative market share (Percentage points), Financially strong |
Panel E: Relative market share (Percentage points), Financially weak |
Panel F: Markup (Percentage points), Financially strong |
Panel F: Markup (Percentage points), Financially weak |
Panel F: Markup (Percentage points), Aggregate |
Panel G: Value of internal funds (Percentage points), Financially strong |
Panel G: Value of internal funds (Percentage points), Financially weak |
Panel H: Value of marginal sales (Percent), Financially strong |
Panel H: Value of marginal sales (Percent), Financially weak |
1 |
-0.2747 |
0.2859 |
-0.2433 |
1.9992 |
0.8568 |
-0.2023 |
-1.2687 |
-0.6657 |
-0.2501 |
-0.8412 |
-0.5690 |
1.8581 |
0.0168 |
0.4637 |
0.6141 |
0.5389 |
0.0000 |
14.5150 |
-0.5485 |
1.0783 |
2 |
-0.4401 |
0.4579 |
-0.0333 |
1.3161 |
0.6286 |
0.0118 |
-1.7111 |
-0.7387 |
0.0146 |
-1.1346 |
-0.6053 |
2.9999 |
0.0437 |
0.6371 |
0.9426 |
0.7898 |
0.0000 |
12.9000 |
-0.6268 |
0.8650 |
3 |
-0.5306 |
0.5522 |
0.1002 |
0.8393 |
0.4628 |
0.1781 |
-1.9189 |
-0.7363 |
0.2202 |
-1.2723 |
-0.5849 |
3.6503 |
0.0760 |
0.7250 |
1.1267 |
0.9258 |
0.0000 |
11.4840 |
-0.6299 |
0.7388 |
4 |
-0.5707 |
0.5939 |
0.1835 |
0.5109 |
0.3441 |
0.3013 |
-1.9781 |
-0.6933 |
0.3725 |
-1.3116 |
-0.5359 |
3.9671 |
0.1108 |
0.7526 |
1.2091 |
0.9809 |
0.0000 |
10.2420 |
-0.5926 |
0.6640 |
5 |
-0.5774 |
0.6009 |
0.2334 |
0.2880 |
0.2601 |
0.3874 |
-1.9465 |
-0.6315 |
0.4789 |
-1.2906 |
-0.4756 |
4.0613 |
0.1459 |
0.7402 |
1.2223 |
0.9813 |
0.0000 |
9.1509 |
-0.5367 |
0.6181 |
6 |
-0.5626 |
0.5855 |
0.2605 |
0.1395 |
0.2011 |
0.4427 |
-1.8622 |
-0.5638 |
0.5472 |
-1.2347 |
-0.4140 |
4.0105 |
0.1800 |
0.7030 |
1.1905 |
0.9468 |
0.0000 |
8.1902 |
-0.4751 |
0.5873 |
7 |
-0.5345 |
0.5562 |
0.2721 |
0.0428 |
0.1596 |
0.4736 |
-1.7499 |
-0.4977 |
0.5854 |
-1.1603 |
-0.3562 |
3.8686 |
0.2122 |
0.6520 |
1.1312 |
0.8916 |
0.0000 |
7.3416 |
-0.4148 |
0.5638 |
8 |
-0.4989 |
0.5191 |
0.2730 |
-0.0181 |
0.1302 |
0.4857 |
-1.6255 |
-0.4367 |
0.6004 |
-1.0778 |
-0.3048 |
3.6730 |
0.2423 |
0.5945 |
1.0567 |
0.8256 |
0.0000 |
6.5899 |
-0.3595 |
0.5432 |
9 |
-0.4595 |
0.4781 |
0.2667 |
-0.0547 |
0.1091 |
0.4840 |
-1.4986 |
-0.3824 |
0.5983 |
-0.9937 |
-0.2604 |
3.4490 |
0.2698 |
0.5356 |
0.9752 |
0.7554 |
0.0000 |
5.9221 |
-0.3105 |
0.5234 |
10 |
-0.4190 |
0.4360 |
0.2557 |
-0.0751 |
0.0934 |
0.4725 |
-1.3749 |
-0.3350 |
0.5840 |
-0.9117 |
-0.2227 |
3.2138 |
0.2949 |
0.4783 |
0.8924 |
0.6854 |
0.0000 |
5.3273 |
-0.2681 |
0.5035 |
11 |
-0.3790 |
0.3943 |
0.2417 |
-0.0848 |
0.0815 |
0.4544 |
-1.2578 |
-0.2940 |
0.5618 |
-0.8340 |
-0.1911 |
2.9785 |
0.3174 |
0.4243 |
0.8117 |
0.6180 |
0.0000 |
4.7964 |
-0.2318 |
0.4835 |
12 |
-0.3405 |
0.3544 |
0.2259 |
-0.0877 |
0.0721 |
0.4324 |
-1.1487 |
-0.2588 |
0.5345 |
-0.7617 |
-0.1647 |
2.7503 |
0.3375 |
0.3746 |
0.7350 |
0.5548 |
0.0000 |
4.3215 |
-0.2009 |
0.4634 |
13 |
-0.3043 |
0.3166 |
0.2094 |
-0.0864 |
0.0643 |
0.4082 |
-1.0483 |
-0.2286 |
0.5046 |
-0.6951 |
-0.1425 |
2.5335 |
0.3553 |
0.3293 |
0.6636 |
0.4964 |
0.0000 |
3.8961 |
-0.1746 |
0.4435 |
14 |
-0.2705 |
0.2815 |
0.1928 |
-0.0826 |
0.0577 |
0.3832 |
-0.9566 |
-0.2026 |
0.4737 |
-0.6343 |
-0.1240 |
2.3305 |
0.3711 |
0.2884 |
0.5978 |
0.4431 |
0.0000 |
3.5145 |
-0.1523 |
0.4241 |
15 |
-0.2394 |
0.2491 |
0.1766 |
-0.0775 |
0.0520 |
0.3583 |
-0.8732 |
-0.1802 |
0.4430 |
-0.5790 |
-0.1083 |
2.1422 |
0.3849 |
0.2519 |
0.5378 |
0.3948 |
0.0000 |
3.1719 |
-0.1331 |
0.4054 |
16 |
-0.2109 |
0.2195 |
0.1610 |
-0.0717 |
0.0469 |
0.3343 |
-0.7976 |
-0.1607 |
0.4132 |
-0.5289 |
-0.0949 |
1.9688 |
0.3969 |
0.2192 |
0.4833 |
0.3513 |
0.0000 |
2.8640 |
-0.1167 |
0.3876 |
17 |
-0.1849 |
0.1924 |
0.1463 |
-0.0657 |
0.0423 |
0.3114 |
-0.7293 |
-0.1437 |
0.3850 |
-0.4836 |
-0.0835 |
1.8101 |
0.4074 |
0.1901 |
0.4340 |
0.3121 |
0.0000 |
2.5872 |
-0.1024 |
0.3708 |
18 |
-0.1614 |
0.1679 |
0.1325 |
-0.0599 |
0.0381 |
0.2900 |
-0.6675 |
-0.1287 |
0.3585 |
-0.4426 |
-0.0736 |
1.6654 |
0.4163 |
0.1642 |
0.3896 |
0.2769 |
0.0000 |
2.3383 |
-0.0900 |
0.3551 |
19 |
-0.1400 |
0.1457 |
0.1197 |
-0.0544 |
0.0343 |
0.2701 |
-0.6118 |
-0.1156 |
0.3339 |
-0.4056 |
-0.0650 |
1.5338 |
0.4239 |
0.1411 |
0.3496 |
0.2453 |
0.0000 |
2.1142 |
-0.0792 |
0.3404 |
20 |
-0.1208 |
0.1257 |
0.1079 |
-0.0492 |
0.0308 |
0.2517 |
-0.5614 |
-0.1039 |
0.3112 |
-0.3723 |
-0.0575 |
1.4143 |
0.4304 |
0.1205 |
0.3136 |
0.2170 |
0.0000 |
1.9126 |
-0.0697 |
0.3268 |
21 |
-0.1034 |
0.1076 |
0.0972 |
-0.0445 |
0.0277 |
0.2349 |
-0.5160 |
-0.0935 |
0.2904 |
-0.3422 |
-0.0508 |
1.3060 |
0.4357 |
0.1022 |
0.2812 |
0.1917 |
0.0000 |
1.7310 |
-0.0613 |
0.3142 |
22 |
-0.0878 |
0.0914 |
0.0874 |
-0.0401 |
0.0248 |
0.2195 |
-0.4751 |
-0.0843 |
0.2713 |
-0.3150 |
-0.0449 |
1.2080 |
0.4401 |
0.0859 |
0.2521 |
0.1690 |
0.0000 |
1.5675 |
-0.0538 |
0.3026 |
23 |
-0.0738 |
0.0767 |
0.0784 |
-0.0361 |
0.0222 |
0.2054 |
-0.4381 |
-0.0760 |
0.2540 |
-0.2905 |
-0.0397 |
1.1192 |
0.4436 |
0.0713 |
0.2260 |
0.1487 |
0.0000 |
1.4203 |
-0.0472 |
0.2919 |
24 |
-0.0611 |
0.0636 |
0.0704 |
-0.0325 |
0.0199 |
0.1927 |
-0.4047 |
-0.0686 |
0.2382 |
-0.2683 |
-0.0350 |
1.0389 |
0.4464 |
0.0583 |
0.2025 |
0.1304 |
0.0000 |
1.2877 |
-0.0414 |
0.2819 |
25 |
-0.0498 |
0.0519 |
0.0630 |
-0.0293 |
0.0178 |
0.1810 |
-0.3746 |
-0.0620 |
0.2238 |
-0.2484 |
-0.0309 |
0.9663 |
0.4484 |
0.0467 |
0.1815 |
0.1141 |
0.0000 |
1.1683 |
-0.0362 |
0.2728 |
26 |
-0.0397 |
0.0413 |
0.0564 |
-0.0263 |
0.0158 |
0.1705 |
-0.3474 |
-0.0561 |
0.2107 |
-0.2303 |
-0.0272 |
0.9006 |
0.4498 |
0.0364 |
0.1625 |
0.0994 |
0.0000 |
1.0608 |
-0.0316 |
0.2643 |
27 |
-0.0306 |
0.0319 |
0.0505 |
-0.0237 |
0.0141 |
0.1609 |
-0.3228 |
-0.0507 |
0.1989 |
-0.2140 |
-0.0238 |
0.8411 |
0.4507 |
0.0272 |
0.1455 |
0.0863 |
0.0000 |
0.9639 |
-0.0275 |
0.2564 |
28 |
-0.0225 |
0.0234 |
0.0451 |
-0.0213 |
0.0125 |
0.1522 |
-0.3006 |
-0.0459 |
0.1881 |
-0.1993 |
-0.0209 |
0.7874 |
0.4511 |
0.0189 |
0.1302 |
0.0746 |
0.0000 |
0.8766 |
-0.0238 |
0.2492 |
29 |
-0.0152 |
0.0158 |
0.0403 |
-0.0191 |
0.0111 |
0.1442 |
-0.2805 |
-0.0416 |
0.1783 |
-0.1860 |
-0.0182 |
0.7387 |
0.4510 |
0.0116 |
0.1165 |
0.0640 |
0.0000 |
0.7979 |
-0.0206 |
0.2424 |
30 |
-0.0087 |
0.0090 |
0.0359 |
-0.0172 |
0.0099 |
0.1370 |
-0.2624 |
-0.0377 |
0.1694 |
-0.1740 |
-0.0158 |
0.6945 |
0.4505 |
0.0051 |
0.1041 |
0.0546 |
0.0000 |
0.7270 |
-0.0178 |
0.2361 |
31 |
-0.0029 |
0.0030 |
0.0320 |
-0.0154 |
0.0087 |
0.1305 |
-0.2459 |
-0.0342 |
0.1613 |
-0.1631 |
-0.0137 |
0.6546 |
0.4497 |
-0.0007 |
0.0931 |
0.0462 |
0.0000 |
0.6632 |
-0.0152 |
0.2303 |
32 |
0.0023 |
-0.0024 |
0.0284 |
-0.0139 |
0.0077 |
0.1245 |
-0.2311 |
-0.0311 |
0.1539 |
-0.1532 |
-0.0118 |
0.6183 |
0.4485 |
-0.0059 |
0.0831 |
0.0386 |
0.0000 |
0.6056 |
-0.0130 |
0.2248 |
33 |
0.0069 |
-0.0072 |
0.0253 |
-0.0125 |
0.0068 |
0.1190 |
-0.2176 |
-0.0283 |
0.1471 |
-0.1443 |
-0.0101 |
0.5855 |
0.4471 |
-0.0105 |
0.0742 |
0.0319 |
0.0000 |
0.5537 |
-0.0110 |
0.2197 |
34 |
0.0110 |
-0.0115 |
0.0224 |
-0.0112 |
0.0059 |
0.1141 |
-0.2054 |
-0.0258 |
0.1410 |
-0.1362 |
-0.0085 |
0.5556 |
0.4454 |
-0.0145 |
0.0662 |
0.0258 |
0.0000 |
0.5069 |
-0.0093 |
0.2149 |
35 |
0.0147 |
-0.0153 |
0.0199 |
-0.0100 |
0.0052 |
0.1095 |
-0.1944 |
-0.0235 |
0.1354 |
-0.1289 |
-0.0072 |
0.5285 |
0.4435 |
-0.0181 |
0.0590 |
0.0204 |
0.0000 |
0.4647 |
-0.0078 |
0.2104 |
36 |
0.0179 |
-0.0187 |
0.0176 |
-0.0090 |
0.0045 |
0.1054 |
-0.1844 |
-0.0215 |
0.1302 |
-0.1223 |
-0.0060 |
0.5038 |
0.4414 |
-0.0213 |
0.0525 |
0.0156 |
0.0000 |
0.4266 |
-0.0064 |
0.2061 |
37 |
0.0208 |
-0.0217 |
0.0155 |
-0.0081 |
0.0039 |
0.1015 |
-0.1753 |
-0.0196 |
0.1255 |
-0.1162 |
-0.0049 |
0.4814 |
0.4391 |
-0.0241 |
0.0467 |
0.0113 |
0.0000 |
0.3923 |
-0.0053 |
0.2021 |
38 |
0.0234 |
-0.0243 |
0.0136 |
-0.0072 |
0.0034 |
0.0980 |
-0.1670 |
-0.0180 |
0.1212 |
-0.1107 |
-0.0039 |
0.4609 |
0.4367 |
-0.0265 |
0.0415 |
0.0075 |
0.0000 |
0.3613 |
-0.0043 |
0.1983 |
39 |
0.0256 |
-0.0267 |
0.0120 |
-0.0065 |
0.0029 |
0.0948 |
-0.1595 |
-0.0165 |
0.1172 |
-0.1058 |
-0.0031 |
0.4422 |
0.4342 |
-0.0287 |
0.0368 |
0.0041 |
0.0000 |
0.3333 |
-0.0034 |
0.1947 |
40 |
0.0276 |
-0.0287 |
0.0105 |
-0.0058 |
0.0025 |
0.0919 |
-0.1527 |
-0.0152 |
0.1136 |
-0.1012 |
-0.0023 |
0.4252 |
0.4315 |
-0.0306 |
0.0327 |
0.0011 |
0.0000 |
0.3081 |
-0.0026 |
0.1913 |
Return to text
Figure 11: The Paradox of a Financial Strength (Heterogeneous Firms)
Period |
Panel 1: Case I - Relative prices (Percent), Financially strong |
Panel 1: Case I - Relative prices (Percent), Financially weak |
Panel 1: Case I - Relative prices (Percent), Aggregate |
Panel 2: Case II - Relative prices (Percent), Financially strong |
Panel 2: Case II - Relative prices (Percent), Financially weak |
Panel 2: Case II - Relative prices (Percent), Aggregate |
Panel 3: Case I - Output (Percent), Financially strong |
Panel 3: Case I - Output (Percent), Financially weak |
Panel 3: Case I - Output (Percent), Aggregate |
Panel 4: Case II - Output (Percent), Financially strong |
Panel 4: Case II - Output (Percent), Financially weak |
Panel 4: Case II - Output (Percent), Aggregate |
1 |
-0.1384 |
0.1401 |
0.0000 |
-0.2747 |
0.2859 |
0.0000 |
-0.0313 |
-0.5592 |
-0.2850 |
-0.2023 |
-1.2687 |
-0.6657 |
2 |
-0.2148 |
0.2174 |
0.0000 |
-0.4401 |
0.4579 |
0.0000 |
0.0830 |
-0.7433 |
-0.3150 |
0.0118 |
-1.7111 |
-0.7387 |
3 |
-0.2515 |
0.2546 |
0.0000 |
-0.5306 |
0.5522 |
0.0000 |
0.1633 |
-0.8140 |
-0.3079 |
0.1781 |
-1.9189 |
-0.7363 |
4 |
-0.2635 |
0.2667 |
0.0000 |
-0.5707 |
0.5939 |
0.0000 |
0.2167 |
-0.8186 |
-0.2827 |
0.3013 |
-1.9781 |
-0.6933 |
5 |
-0.2604 |
0.2636 |
0.0000 |
-0.5774 |
0.6009 |
0.0000 |
0.2496 |
-0.7870 |
-0.2507 |
0.3874 |
-1.9465 |
-0.6315 |
6 |
-0.2487 |
0.2518 |
0.0000 |
-0.5626 |
0.5855 |
0.0000 |
0.2671 |
-0.7376 |
-0.2180 |
0.4427 |
-1.8622 |
-0.5638 |
7 |
-0.2324 |
0.2353 |
0.0000 |
-0.5345 |
0.5562 |
0.0000 |
0.2733 |
-0.6812 |
-0.1877 |
0.4736 |
-1.7499 |
-0.4977 |
8 |
-0.2140 |
0.2167 |
0.0000 |
-0.4989 |
0.5191 |
0.0000 |
0.2715 |
-0.6239 |
-0.1610 |
0.4857 |
-1.6255 |
-0.4367 |
9 |
-0.1951 |
0.1975 |
0.0000 |
-0.4595 |
0.4781 |
0.0000 |
0.2643 |
-0.5691 |
-0.1383 |
0.4840 |
-1.4986 |
-0.3824 |
10 |
-0.1766 |
0.1787 |
0.0000 |
-0.4190 |
0.4360 |
0.0000 |
0.2538 |
-0.5181 |
-0.1192 |
0.4725 |
-1.3749 |
-0.3350 |
11 |
-0.1589 |
0.1609 |
0.0000 |
-0.3790 |
0.3943 |
0.0000 |
0.2412 |
-0.4717 |
-0.1033 |
0.4544 |
-1.2578 |
-0.2940 |
12 |
-0.1424 |
0.1442 |
0.0000 |
-0.3405 |
0.3544 |
0.0000 |
0.2277 |
-0.4297 |
-0.0901 |
0.4324 |
-1.1487 |
-0.2588 |
13 |
-0.1272 |
0.1287 |
0.0000 |
-0.3043 |
0.3166 |
0.0000 |
0.2139 |
-0.3920 |
-0.0790 |
0.4082 |
-1.0483 |
-0.2286 |
14 |
-0.1132 |
0.1146 |
0.0000 |
-0.2705 |
0.2815 |
0.0000 |
0.2003 |
-0.3582 |
-0.0697 |
0.3832 |
-0.9566 |
-0.2026 |
15 |
-0.1005 |
0.1017 |
0.0000 |
-0.2394 |
0.2491 |
0.0000 |
0.1874 |
-0.3278 |
-0.0617 |
0.3583 |
-0.8732 |
-0.1802 |
16 |
-0.0890 |
0.0901 |
0.0000 |
-0.2109 |
0.2195 |
0.0000 |
0.1751 |
-0.3006 |
-0.0549 |
0.3343 |
-0.7976 |
-0.1607 |
17 |
-0.0785 |
0.0795 |
0.0000 |
-0.1849 |
0.1924 |
0.0000 |
0.1637 |
-0.2761 |
-0.0489 |
0.3114 |
-0.7293 |
-0.1437 |
18 |
-0.0691 |
0.0699 |
0.0000 |
-0.1614 |
0.1679 |
0.0000 |
0.1532 |
-0.2541 |
-0.0437 |
0.2900 |
-0.6675 |
-0.1287 |
19 |
-0.0605 |
0.0613 |
0.0000 |
-0.1400 |
0.1457 |
0.0000 |
0.1435 |
-0.2342 |
-0.0392 |
0.2701 |
-0.6118 |
-0.1156 |
20 |
-0.0529 |
0.0535 |
0.0000 |
-0.1208 |
0.1257 |
0.0000 |
0.1346 |
-0.2163 |
-0.0351 |
0.2517 |
-0.5614 |
-0.1039 |
21 |
-0.0459 |
0.0465 |
0.0000 |
-0.1034 |
0.1076 |
0.0000 |
0.1266 |
-0.2002 |
-0.0315 |
0.2349 |
-0.5160 |
-0.0935 |
22 |
-0.0397 |
0.0402 |
0.0000 |
-0.0878 |
0.0914 |
0.0000 |
0.1192 |
-0.1856 |
-0.0282 |
0.2195 |
-0.4751 |
-0.0843 |
23 |
-0.0341 |
0.0345 |
0.0000 |
-0.0738 |
0.0767 |
0.0000 |
0.1125 |
-0.1725 |
-0.0253 |
0.2054 |
-0.4381 |
-0.0760 |
24 |
-0.0291 |
0.0294 |
0.0000 |
-0.0611 |
0.0636 |
0.0000 |
0.1065 |
-0.1606 |
-0.0227 |
0.1927 |
-0.4047 |
-0.0686 |
25 |
-0.0245 |
0.0248 |
0.0000 |
-0.0498 |
0.0519 |
0.0000 |
0.1010 |
-0.1499 |
-0.0204 |
0.1810 |
-0.3746 |
-0.0620 |
26 |
-0.0205 |
0.0207 |
0.0000 |
-0.0397 |
0.0413 |
0.0000 |
0.0959 |
-0.1402 |
-0.0183 |
0.1705 |
-0.3474 |
-0.0561 |
27 |
-0.0168 |
0.0170 |
0.0000 |
-0.0306 |
0.0319 |
0.0000 |
0.0914 |
-0.1314 |
-0.0164 |
0.1609 |
-0.3228 |
-0.0507 |
28 |
-0.0135 |
0.0137 |
0.0000 |
-0.0225 |
0.0234 |
0.0000 |
0.0873 |
-0.1235 |
-0.0147 |
0.1522 |
-0.3006 |
-0.0459 |
29 |
-0.0106 |
0.0107 |
0.0000 |
-0.0152 |
0.0158 |
0.0000 |
0.0835 |
-0.1163 |
-0.0132 |
0.1442 |
-0.2805 |
-0.0416 |
30 |
-0.0079 |
0.0080 |
0.0000 |
-0.0087 |
0.0090 |
0.0000 |
0.0801 |
-0.1098 |
-0.0118 |
0.1370 |
-0.2624 |
-0.0377 |
31 |
-0.0056 |
0.0056 |
0.0000 |
-0.0029 |
0.0030 |
0.0000 |
0.0769 |
-0.1039 |
-0.0106 |
0.1305 |
-0.2459 |
-0.0342 |
32 |
-0.0035 |
0.0035 |
0.0000 |
0.0023 |
-0.0024 |
0.0000 |
0.0741 |
-0.0986 |
-0.0095 |
0.1245 |
-0.2311 |
-0.0311 |
33 |
-0.0016 |
0.0016 |
0.0000 |
0.0069 |
-0.0072 |
0.0000 |
0.0715 |
-0.0938 |
-0.0085 |
0.1190 |
-0.2176 |
-0.0283 |
34 |
0.0001 |
-0.0001 |
0.0000 |
0.0110 |
-0.0115 |
0.0000 |
0.0691 |
-0.0894 |
-0.0076 |
0.1141 |
-0.2054 |
-0.0258 |
35 |
0.0017 |
-0.0017 |
0.0000 |
0.0147 |
-0.0153 |
0.0000 |
0.0669 |
-0.0854 |
-0.0068 |
0.1095 |
-0.1944 |
-0.0235 |
36 |
0.0030 |
-0.0030 |
0.0000 |
0.0179 |
-0.0187 |
0.0000 |
0.0649 |
-0.0818 |
-0.0061 |
0.1054 |
-0.1844 |
-0.0215 |
37 |
0.0042 |
-0.0043 |
0.0000 |
0.0208 |
-0.0217 |
0.0000 |
0.0631 |
-0.0785 |
-0.0055 |
0.1015 |
-0.1753 |
-0.0196 |
38 |
0.0053 |
-0.0054 |
0.0000 |
0.0234 |
-0.0243 |
0.0000 |
0.0614 |
-0.0755 |
-0.0049 |
0.0980 |
-0.1670 |
-0.0180 |
39 |
0.0063 |
-0.0063 |
0.0000 |
0.0256 |
-0.0267 |
0.0000 |
0.0598 |
-0.0728 |
-0.0044 |
0.0948 |
-0.1595 |
-0.0165 |
40 |
0.0071 |
-0.0072 |
0.0000 |
0.0276 |
-0.0287 |
0.0000 |
0.0584 |
-0.0703 |
-0.0039 |
0.0919 |
-0.1527 |
-0.0152 |
Return to text
Figure A-1: Industry Adjusted Producer Price Inflation (By Financial Output and Product-Market Characteristics and Durability of Output)
Date |
Panel 1: By liquidity ratio and durability of output (3-month moving average), Low liquidity firms - durable goods (Percentage points) |
Panel 1: By liquidity ratio and durability of output (3-month moving average), High liquidity firms - durable goods (Percentage points) |
Panel 1: By liquidity ratio and durability of output (3-month moving average), Low liquidity firms - nondurable goods (Percentage points) |
Panel 1: By liquidity ratio and durability of output (3-month moving average), High liquidity firms - nondurable goods (Percentage points) |
Panel 2: By SGAX ratio and durability of output (3-month moving average), Low SGAX firms - durable goods (Percentage points) |
Panel 2: By SGAX ratio and durability of output (3-month moving average), High SGAX firms - durable goods (Percentage points) |
Panel 2: By SGAX ratio and durability of output (3-month moving average), Low SGAX firms - nondurable goods (Percentage points) |
Panel 2: By SGAX ratio and durability of output (3-month moving average), High SGAX firms - nondurable goods (Percentage points) |
2005M4 |
0.2524 |
0.1385 |
-0.4752 |
0.0248 |
0.2681 |
-0.2130 |
0.7980 |
-0.8732 |
2005M5 |
0.2835 |
0.2295 |
0.0356 |
-0.8964 |
0.2591 |
0.0704 |
-0.2202 |
0.3710 |
2005M6 |
0.4478 |
0.5528 |
0.1051 |
-0.9195 |
0.4741 |
0.2847 |
-0.5644 |
0.4311 |
2005M7 |
0.3416 |
0.1871 |
-0.1697 |
-0.0608 |
0.1166 |
0.3764 |
-0.0514 |
0.3386 |
2005M8 |
0.1629 |
-1.0577 |
-0.6669 |
1.2177 |
-0.6628 |
-0.0528 |
1.0359 |
-0.5292 |
2005M9 |
-0.0305 |
-1.8326 |
-1.1127 |
2.6681 |
-1.0423 |
-0.7676 |
2.0822 |
-1.0379 |
2005M10 |
0.0258 |
-1.9095 |
-1.1984 |
3.0305 |
-0.9840 |
-0.8963 |
2.1795 |
-1.6473 |
2005M11 |
0.1878 |
-0.8619 |
-0.0594 |
0.2019 |
-0.2222 |
-0.4447 |
-0.8315 |
-0.3905 |
2005M12 |
0.2623 |
-0.3441 |
0.1333 |
-0.6148 |
0.0658 |
0.0121 |
-1.1592 |
-0.1711 |
2006M1 |
0.3043 |
-0.1961 |
0.2982 |
-0.2572 |
0.2445 |
-0.0133 |
-1.1128 |
0.8480 |
2006M2 |
0.2378 |
-0.0250 |
-0.4242 |
0.7177 |
0.2566 |
-0.3393 |
0.3681 |
0.2901 |
2006M3 |
0.3129 |
-0.2481 |
0.0009 |
0.1552 |
0.1604 |
-0.3588 |
0.0533 |
0.5591 |
2006M4 |
0.1868 |
-0.1120 |
-0.1417 |
-0.0926 |
0.1283 |
-0.3752 |
0.3255 |
0.1195 |
2006M5 |
0.2279 |
-0.4343 |
-0.1713 |
0.5719 |
0.0794 |
-0.8123 |
1.0901 |
-0.1634 |
2006M6 |
0.1603 |
-0.4856 |
-0.2624 |
0.5781 |
0.0077 |
-1.1110 |
0.9090 |
-0.2730 |
2006M7 |
-0.6123 |
-0.1511 |
0.2246 |
-0.6283 |
-0.5214 |
-0.2868 |
0.0404 |
-0.0452 |
2006M8 |
-0.0457 |
-0.3202 |
-0.0109 |
-0.1017 |
-0.0767 |
-0.6917 |
0.2193 |
-0.1728 |
2006M9 |
0.0662 |
0.2903 |
0.4871 |
-1.1060 |
0.1999 |
-0.1327 |
-0.9744 |
0.7042 |
2006M10 |
0.5054 |
0.1101 |
0.2886 |
-0.7743 |
0.5197 |
-0.8513 |
-1.1333 |
0.6897 |
2006M11 |
0.8544 |
-0.2363 |
0.3701 |
-0.7585 |
0.6550 |
-0.7656 |
-1.5557 |
0.7196 |
2006M12 |
0.6508 |
-0.8984 |
-0.3667 |
0.8982 |
0.3394 |
-1.1795 |
0.3082 |
-0.4523 |
2007M1 |
1.1027 |
-0.9628 |
-0.1061 |
0.9641 |
0.5845 |
-0.8745 |
0.3309 |
-0.3151 |
2007M2 |
0.1090 |
-0.5820 |
-0.3130 |
1.3667 |
0.0134 |
-1.0501 |
1.0605 |
-0.3237 |
2007M3 |
0.1346 |
-0.3381 |
-0.2396 |
1.1046 |
0.1565 |
-1.0397 |
0.5535 |
-0.0744 |
2007M4 |
0.2673 |
-0.4490 |
-0.5328 |
1.1135 |
0.2566 |
-1.5219 |
0.9409 |
-0.4745 |
2007M5 |
0.4510 |
-0.3264 |
-0.4451 |
0.0204 |
0.2933 |
-1.1304 |
0.4631 |
-0.5840 |
2007M6 |
0.5197 |
-0.2190 |
0.0418 |
-0.8687 |
0.2752 |
-0.8513 |
0.0729 |
-0.1266 |
2007M7 |
0.5661 |
-0.2438 |
-0.0181 |
-0.7838 |
0.2743 |
-0.9996 |
0.1423 |
-0.0469 |
2007M8 |
0.5035 |
0.1365 |
0.3580 |
-0.8551 |
0.3907 |
-0.5253 |
-0.2647 |
0.6366 |
2007M9 |
0.4974 |
0.0196 |
-0.2926 |
0.5610 |
0.3610 |
-0.8915 |
-0.0754 |
0.2813 |
2007M10 |
-0.0389 |
0.4956 |
-0.4546 |
1.5997 |
0.4810 |
-0.9912 |
0.2751 |
0.0797 |
2007M11 |
-0.2252 |
0.3190 |
-0.9958 |
3.6954 |
0.3889 |
-0.9641 |
1.6585 |
-1.0104 |
2007M12 |
-0.2066 |
0.4825 |
-0.6949 |
2.3267 |
0.5550 |
-0.7474 |
1.5395 |
-0.9867 |
2008M1 |
0.0899 |
0.0202 |
-0.3725 |
1.8559 |
0.3702 |
-0.5704 |
1.2616 |
-0.8893 |
2008M2 |
0.1201 |
-0.1309 |
-0.1406 |
-0.0490 |
0.1676 |
-0.6731 |
0.2654 |
-0.4971 |
2008M3 |
0.1661 |
-0.3432 |
-0.3001 |
1.0004 |
0.0255 |
-0.6201 |
0.5348 |
-0.5446 |
2008M4 |
0.1971 |
-0.3869 |
-0.4563 |
0.9712 |
0.0169 |
-0.7554 |
0.7275 |
-0.4786 |
2008M5 |
0.1721 |
-0.4370 |
-0.6835 |
1.7551 |
-0.0196 |
-0.5948 |
1.4719 |
-0.7488 |
2008M6 |
0.1685 |
-0.4769 |
-0.6648 |
0.8589 |
-0.0985 |
-0.5507 |
1.3959 |
-1.1200 |
2008M7 |
0.1895 |
-0.3933 |
-0.7671 |
0.1623 |
-0.0916 |
-0.4836 |
1.1349 |
-1.4795 |
2008M8 |
0.2604 |
-0.2253 |
0.0448 |
-1.4423 |
0.0653 |
-0.6035 |
-0.2915 |
-0.7315 |
2008M9 |
0.2128 |
0.0250 |
0.3502 |
-0.7519 |
0.1545 |
-0.4834 |
-0.7744 |
-0.0475 |
2008M10 |
0.1317 |
0.0814 |
1.6680 |
-3.4191 |
0.1732 |
-0.4903 |
-3.3446 |
1.5850 |
2008M11 |
0.3322 |
0.2925 |
2.6787 |
-4.9122 |
0.4644 |
-0.1773 |
-5.0339 |
2.9602 |
2008M12 |
0.3658 |
0.0863 |
3.8048 |
-9.0018 |
0.4532 |
-0.3052 |
-7.3006 |
4.1095 |
2009M1 |
0.5325 |
0.1813 |
2.6482 |
-4.0597 |
0.5928 |
-0.0516 |
-3.5047 |
2.9710 |
2009M2 |
0.3771 |
0.1599 |
1.0744 |
-0.6470 |
0.3841 |
0.0069 |
-0.3385 |
1.4206 |
2009M3 |
0.3756 |
0.1580 |
0.0785 |
2.1734 |
0.3442 |
0.0700 |
1.1805 |
0.7508 |
2009M4 |
0.2050 |
0.0334 |
0.0687 |
-0.4535 |
0.1049 |
0.1467 |
-0.8543 |
1.1006 |
2009M5 |
0.0908 |
0.0205 |
-0.0962 |
-1.1745 |
0.1017 |
-0.0423 |
-1.2064 |
0.6690 |
2009M6 |
-0.0296 |
-0.1337 |
-0.5541 |
0.7764 |
0.0338 |
-0.4910 |
0.8976 |
-0.3993 |
2009M7 |
0.2262 |
0.0642 |
-0.1204 |
-1.2867 |
0.2537 |
-0.3561 |
-0.0300 |
-0.4525 |
2009M8 |
-0.0175 |
0.0516 |
-0.3262 |
0.8929 |
0.0640 |
-0.4695 |
1.2501 |
-0.5693 |
2009M9 |
0.1006 |
0.1983 |
0.0797 |
-0.1002 |
0.1348 |
-0.0784 |
-0.2917 |
0.0173 |
2009M10 |
-0.1038 |
-0.0402 |
-0.4639 |
2.9644 |
-0.1250 |
-0.2179 |
1.7110 |
-0.5125 |
2009M11 |
-0.0282 |
-0.3067 |
0.2004 |
0.4667 |
-0.1631 |
-0.2057 |
0.2943 |
-0.4781 |
2009M12 |
-0.1290 |
-0.3977 |
-0.9195 |
0.5620 |
-0.2301 |
-0.2292 |
0.3962 |
-0.9653 |
2010M1 |
-0.3347 |
-0.7437 |
-0.2280 |
-0.3135 |
-0.4545 |
-0.3895 |
0.5638 |
-1.1702 |
2010M2 |
-0.2170 |
-0.5458 |
-0.9040 |
-0.0528 |
-0.3044 |
-0.3367 |
-0.1926 |
-0.5178 |
2010M3 |
-0.1109 |
-0.4357 |
0.7486 |
-0.8289 |
-0.1609 |
-0.4202 |
0.6621 |
-0.3194 |
2010M4 |
0.0955 |
-0.0315 |
0.6333 |
-1.0511 |
0.1950 |
-0.3969 |
0.1850 |
0.0627 |
2010M5 |
0.0472 |
-0.0544 |
0.7796 |
-1.6156 |
0.1574 |
-0.3905 |
-0.2777 |
0.0652 |
2010M6 |
0.0091 |
0.1446 |
0.3505 |
-1.1190 |
0.0947 |
-0.0873 |
-0.8564 |
0.4144 |
2010M7 |
-0.1573 |
0.1034 |
0.2961 |
-0.6606 |
-0.0670 |
-0.0462 |
-0.8313 |
0.6020 |
2010M8 |
-0.0603 |
0.2164 |
0.3335 |
0.0699 |
0.0175 |
-0.0391 |
0.5892 |
0.1940 |
2010M9 |
-0.0963 |
-0.0120 |
-0.0205 |
0.6598 |
-0.0236 |
-0.3638 |
0.4047 |
-0.1222 |
2010M10 |
0.1512 |
0.0424 |
-0.4382 |
1.2839 |
0.1206 |
-0.3407 |
0.9872 |
-0.7533 |
2010M11 |
0.1265 |
-0.1578 |
-0.0622 |
1.3376 |
-0.0108 |
-0.2799 |
0.6873 |
-0.8211 |
2010M12 |
0.0460 |
0.0656 |
-0.2586 |
1.0316 |
0.1225 |
-0.2735 |
1.5891 |
-1.1456 |
2011M1 |
-0.0060 |
-0.0472 |
0.0183 |
0.5356 |
0.1154 |
-0.3882 |
1.1655 |
-0.9862 |
2011M2 |
-0.6124 |
-0.0868 |
-0.3701 |
0.2297 |
-0.2286 |
-0.5291 |
1.1253 |
-1.2014 |
2011M3 |
-0.6865 |
-0.2613 |
0.0899 |
-0.2777 |
-0.4077 |
-0.4412 |
0.7365 |
-1.0437 |
2011M4 |
-0.7816 |
-0.3354 |
-0.0952 |
-0.4672 |
-0.5518 |
-0.3461 |
0.4339 |
-0.9955 |
2011M5 |
-0.1897 |
-0.4053 |
0.3743 |
-0.7416 |
-0.2596 |
-0.2276 |
0.0039 |
-0.5758 |
2011M6 |
-0.0903 |
-0.1757 |
0.5101 |
-0.3182 |
-0.1659 |
-0.1976 |
-0.2263 |
-0.3396 |
2011M7 |
0.0336 |
-0.1059 |
0.4902 |
-0.0362 |
-0.0439 |
-0.2402 |
-0.4123 |
-0.0471 |
2011M8 |
0.0937 |
0.1048 |
-0.5447 |
0.4390 |
0.0635 |
-0.1834 |
-0.3195 |
0.0090 |
2011M9 |
0.0754 |
-0.0115 |
0.0257 |
0.8642 |
0.0354 |
-0.0941 |
0.5301 |
-0.0089 |
2011M10 |
-0.1331 |
0.1148 |
0.0790 |
0.8596 |
-0.0369 |
-0.1898 |
1.0038 |
0.0815 |
2011M11 |
-0.1086 |
0.0269 |
0.9517 |
0.6747 |
-0.0413 |
-0.2158 |
0.9983 |
0.0304 |
2011M12 |
-0.2339 |
0.0723 |
-0.7632 |
0.1585 |
-0.0690 |
-0.1688 |
-0.0911 |
0.0652 |
2012M1 |
-0.0284 |
0.1633 |
-0.3435 |
-0.0616 |
0.0824 |
0.1611 |
-0.2854 |
0.1642 |
2012M2 |
-0.0822 |
0.1321 |
0.2536 |
-0.5292 |
0.0896 |
0.0440 |
0.7412 |
0.0854 |
2012M3 |
-0.1859 |
-0.0032 |
0.9776 |
-0.2935 |
-0.0131 |
-0.0634 |
0.9222 |
0.0944 |
2012M4 |
-0.3020 |
-0.0135 |
0.7292 |
0.0197 |
-0.0691 |
-0.1160 |
0.9561 |
0.1204 |
2012M5 |
-0.2505 |
0.0745 |
0.5622 |
0.3264 |
-0.0333 |
0.0435 |
-0.0090 |
0.5588 |
2012M6 |
0.0705 |
0.2699 |
1.7116 |
-0.4912 |
0.1501 |
0.0474 |
0.4041 |
0.8388 |
2012M7 |
-0.0142 |
0.1767 |
1.2480 |
-0.7116 |
0.0415 |
0.0483 |
-0.3463 |
0.7430 |
2012M8 |
-0.1912 |
0.2539 |
0.3181 |
-0.6997 |
-0.0430 |
-0.0201 |
0.1570 |
0.0012 |
2012M9 |
-0.3830 |
0.1415 |
-0.5395 |
-0.1628 |
-0.1553 |
0.0727 |
-0.3096 |
-0.5068 |
2012M10 |
-0.2838 |
0.2154 |
-0.7911 |
0.2412 |
-0.0729 |
-0.0295 |
0.1641 |
-0.7895 |
2012M11 |
-0.0187 |
0.1877 |
-0.8404 |
1.0632 |
0.0491 |
-0.0535 |
-0.7625 |
-0.2679 |
2012M12 |
0.1696 |
0.1205 |
-1.2087 |
1.0572 |
0.1921 |
-0.3968 |
-0.1198 |
-0.1742 |
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