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    

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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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