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Finance and Economics Discussion Series: Data for paper 201370 ^♣

Effects of Monetary Policy Shocks across Time and across Sectors

Ekaterina V. Peneva

Figure 1. Impulse responses to a 25-basis-point federal funds rate decline, from a four-variable VAR with no time dependence, by quarter

	upper 80: Real GDP upper left panel	lower 80 : Real GDP upper left panel	impulse response: Real GDP upper left panel	upper 80: GDP deflator upper right panel	lower 80:GDP deflator upper right panel	impulse response:GDP deflator upper right panel	upper 80:Commodity Prices lower left panel	lower 80 :Commodity Prices lower left panel	impulse response:Commodity Prices lower left panel	upper 80: Federal Funds Rate lower right panel	lower 80 :Federal Funds Rate lower right panel	impulse response:Federal Funds Rate lower right panel
0	0	0	0	0	0	0	0	0	0	-0.25	-0.25	-0.25
1	0	-0.03	-0.0153	0	-0.01	-0.0037	0.29	0.06	0.1755	-0.2225	-0.2698	-0.246139
2	0.09	0.02	0.0555	0.01	-0.02	-0.0037	0.43	0.16	0.2939	-0.0956	-0.1724	-0.133994
3	0.1	0.03	0.063	0.02	-0.01	0.0059	0.48	0.13	0.3028	-0.0638	-0.1519	-0.107808
4	0.1	0.03	0.063	0.04	-0.01	0.0121	0.52	0.16	0.3433	-0.0603	-0.1514	-0.105829
5	0.11	0.05	0.0773	0.05	-0.01	0.0189	0.66	0.28	0.4719	-0.031	-0.116	-0.073511
6	0.12	0.06	0.0872	0.07	0	0.0318	0.77	0.3	0.5377	0.0043	-0.0853	-0.040494
7	0.12	0.05	0.0868	0.09	0	0.0467	0.85	0.3	0.5775	0.025	-0.0688	-0.021906
8	0.12	0.05	0.0822	0.11	0.01	0.0622	0.93	0.31	0.6207	0.0448	-0.0469	-0.001062
9	0.12	0.04	0.0771	0.14	0.02	0.0799	0.99	0.31	0.648	0.0634	-0.0282	0.017607
10	0.11	0.03	0.0679	0.16	0.04	0.0992	1.02	0.29	0.6544	0.0751	-0.0158	0.029617
11	0.1	0.02	0.0571	0.19	0.05	0.1185	1.03	0.26	0.649	0.0838	-0.0049	0.039471
12	0.09	0	0.046	0.21	0.06	0.1378	1.03	0.24	0.6356	0.0911	0.0041	0.047585
13	0.07	-0.01	0.0345	0.24	0.08	0.1568	1.02	0.21	0.6125	0.0958	0.0089	0.052318
14	0.06	-0.01	0.0232	0.26	0.09	0.1747	0.99	0.18	0.5845	0.098	0.0113	0.054637
15	0.05	-0.02	0.0129	0.28	0.1	0.1912	0.95	0.15	0.5547	0.0987	0.0128	0.05576
16	0.04	-0.03	0.0037	0.3	0.11	0.2062	0.92	0.13	0.5236	0.0982	0.0129	0.055511

Return to Figure 1

Figure 2. Impulse responses to a 25-basis-point federal funds rate decline, from a four-variable VAR with time dependence, by quarter

	upper 80: a. Real GDP upper left panel	lower 80 :a. Real GDP upper left panel	impulse response:a. Real GDP upper left panel	upper 80:a. Real GDP upper right panel	lower 80 :a. Real GDP upper right panel	impulse response: a. Real GDP upper right panel	upper 80:a. Real GDP lower left panel	lower 80 :a. Real GDP lower left panel	impulse response:a. Real GDP lower left panel	upper 80:a. Real GDP lower right panel	lower 80 :a. Real GDP lower right panel	impulse response:a. Real GDP lower right panel	upper 80:b. GDP deflator upper left panel	lower 80 :b. GDP deflator upper left panel	impulse response:b. GDP deflator upper left panel	upper 80:b. GDP deflator upper right panel	lower 80 :b. GDP deflator upper right panel	impulse response:b. GDP deflator upper right panel	upper 80:b. GDP deflator lower left panel	lower 80 :b. GDP deflator lower left panel	impulse response:b. GDP deflator lower left panel	upper 80:b. GDP deflator lower right panel	lower 80 :b. GDP deflator lower right panel	impulse response:b. GDP deflator lower right panel
0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
1	0.14	0.04	0.09	0.09	-0.03	0.03	0	-0.1	-0.05	0.06	-0.06	0	0.01	-0.02	0	-0.01	-0.05	-0.03	0.06	0.03	0.04	0.04	0	0.02
2	0.21	0.09	0.15	0.25	0.08	0.17	0.05	-0.1	-0.03	0.21	0.02	0.11	0.02	-0.04	-0.01	0.02	-0.05	-0.01	0.1	0.02	0.06	0.07	-0.01	0.03
3	0.24	0.08	0.16	0.47	0.25	0.36	0.13	-0.07	0.03	0.22	-0.03	0.1	0	-0.08	-0.04	0.07	-0.04	0.01	0.16	0.05	0.11	0.11	0	0.05
4	0.26	0.08	0.17	0.45	0.16	0.3	0.14	-0.09	0.02	0.23	-0.02	0.1	0	-0.11	-0.06	0.13	-0.01	0.06	0.23	0.07	0.15	0.14	0	0.07
5	0.31	0.08	0.2	0.44	0.14	0.29	0.14	-0.1	0.02	0.17	-0.09	0.04	0	-0.14	-0.07	0.19	0.01	0.1	0.28	0.09	0.19	0.17	-0.01	0.08
6	0.31	0.06	0.19	0.38	0.08	0.23	0.09	-0.16	-0.04	0.21	-0.07	0.07	0.02	-0.16	-0.07	0.24	0.02	0.13	0.34	0.11	0.23	0.22	0	0.11
7	0.33	0.09	0.21	0.22	-0.07	0.07	0.11	-0.17	-0.03	0.2	-0.07	0.06	0.05	-0.17	-0.06	0.31	0.04	0.17	0.4	0.13	0.26	0.28	0.01	0.14
8	0.33	0.08	0.2	0.14	-0.14	0	0.1	-0.17	-0.03	0.22	-0.05	0.08	0.07	-0.19	-0.06	0.36	0.05	0.21	0.45	0.15	0.3	0.34	0.02	0.18
9	0.31	0.07	0.19	0.09	-0.19	-0.05	0.1	-0.14	-0.02	0.21	-0.06	0.07	0.09	-0.2	-0.05	0.42	0.06	0.24	0.52	0.17	0.34	0.39	0.02	0.21
10	0.31	0.07	0.19	0.04	-0.23	-0.09	0.09	-0.14	-0.02	0.2	-0.08	0.06	0.12	-0.21	-0.04	0.48	0.08	0.28	0.57	0.19	0.38	0.44	0.03	0.24
11	0.3	0.08	0.19	0.06	-0.22	-0.08	0.08	-0.16	-0.04	0.2	-0.07	0.07	0.16	-0.21	-0.02	0.53	0.07	0.3	0.62	0.2	0.41	0.5	0.05	0.28
12	0.27	0.05	0.16	0.02	-0.25	-0.11	0.09	-0.15	-0.03	0.2	-0.05	0.08	0.2	-0.21	-0.01	0.56	0.06	0.31	0.67	0.22	0.45	0.56	0.08	0.32
13	0.25	0.03	0.14	0.04	-0.24	-0.1	0.08	-0.15	-0.03	0.19	-0.07	0.06	0.23	-0.21	0.01	0.58	0.05	0.31	0.72	0.24	0.48	0.61	0.09	0.35
14	0.23	0.01	0.12	0.02	-0.24	-0.11	0.07	-0.17	-0.05	0.15	-0.08	0.03	0.26	-0.21	0.03	0.59	0.03	0.31	0.76	0.26	0.51	0.65	0.11	0.38
15	0.22	0	0.11	0.02	-0.24	-0.11	0.05	-0.18	-0.07	0.15	-0.08	0.04	0.3	-0.2	0.05	0.61	0.01	0.31	0.8	0.28	0.54	0.69	0.13	0.41
16	0.2	-0.03	0.09	0.02	-0.22	-0.1	0.06	-0.18	-0.06	0.14	-0.06	0.04	0.33	-0.19	0.07	0.62	-0.02	0.3	0.83	0.29	0.56	0.74	0.16	0.45

Return to Figure 2

Figure 3. Impulse responses to a 25-basis-point federal funds rate decline, from a four-variable VAR with time dependence, by quarter

	upper 80:Federal Funds rate upper left panel	lower 80 :Federal Funds rate upper left panel	impulse response:Federal Funds rate upper left panel	upper 80:Federal Funds rate upper right panel	lower 80 :Federal Funds rate upper right panel	impulse response:Federal Funds rate upper right panel	upper 80:Federal Funds rate lower left panel	lower 80 :Federal Funds rate lower left panel	impulse response:Federal Funds rate lower left panel	upper 80:Federal Funds rate lower right panel	lower 80: Federal Funds rate lower right panel	impulse response:Federal Funds rate lower right panel
0	-0.25	-0.25	-0.25	-0.25	-0.25	-0.25	-0.25	-0.25	-0.25	-0.25	-0.25	-0.25
1	-0.2516	-0.361	-0.3063	-0.2728	-0.4069	-0.3399	-0.1366	-0.2623	-0.1995	-0.2091	-0.3375	-0.2733
2	-0.0391	-0.2236	-0.1314	0.1707	-0.0724	0.0492	-0.0799	-0.2494	-0.1646	-0.0744	-0.2959	-0.1852
3	-0.1214	-0.3395	-0.2305	0.2603	0.0613	0.1608	0.0435	-0.206	-0.0813	0.0576	-0.2319	-0.0872
4	-0.1726	-0.3762	-0.2744	0.4109	0.1338	0.2724	0.1208	-0.1711	-0.0251	0.0545	-0.2877	-0.1166
5	-0.1634	-0.4219	-0.2926	0.5567	0.2252	0.391	0.1905	-0.1342	0.0282	0.0353	-0.2904	-0.1276
6	-0.1049	-0.3968	-0.2508	0.5431	0.1644	0.3537	0.2121	-0.0986	0.0568	0.0476	-0.3105	-0.1314
7	-0.0311	-0.3428	-0.1869	0.5345	0.194	0.3643	0.2195	-0.1276	0.0459	0.0982	-0.2779	-0.0898
8	-0.0406	-0.3409	-0.1908	0.4857	0.1076	0.2966	0.2172	-0.1458	0.0357	0.177	-0.1965	-0.0097
9	-0.0275	-0.3519	-0.1897	0.3619	-0.0319	0.165	0.3106	-0.0556	0.1275	0.165	-0.1697	-0.0024
10	0.0163	-0.3087	-0.1462	0.3614	-0.0177	0.1718	0.3079	-0.0111	0.1484	0.1546	-0.179	-0.0122
11	0.0712	-0.232	-0.0804	0.3018	-0.0372	0.1323	0.3097	-0.0128	0.1485	0.1737	-0.1447	0.0145
12	0.0739	-0.1989	-0.0625	0.296	-0.0559	0.12	0.3134	-0.0028	0.1553	0.2433	-0.0543	0.0945
13	0.0686	-0.2047	-0.068	0.2666	-0.0791	0.0937	0.3407	0.0404	0.1905	0.2573	-0.0292	0.114
14	0.0648	-0.2035	-0.0694	0.2031	-0.1131	0.045	0.338	0.0725	0.2053	0.2487	-0.0601	0.0943
15	0.1191	-0.1243	-0.0026	0.194	-0.1165	0.0387	0.3222	0.0455	0.1838	0.2341	-0.0654	0.0844
16	0.1304	-0.1095	0.0104	0.2022	-0.1222	0.04	0.289	0.019	0.154	0.2863	0.0157	0.151

Return to Figure 3

Figure 4. Impulse responses to a 25-basis-point federal funds rate decline, from a four-variable VAR with no time dependence and AHE in place of the GDP deflator, by quarter

	upper 80:Real GDP upper left panel	lower 80 :Real GDP upper left panel	impulse response:Real GDP upper left panel	upper 80:Average Hourly Earnings upper right panel	lower 80 :Average Hourly Earnings upper right panel	impulse response:Average Hourly Earnings upper right panel	upper 80:Commodity Prices lower left panel	lower 80 :Commodity Prices lower left panel	impulse response:Commodity Prices lower left panel	upper 80:Federal Funds Rate lower right panel	lower 80 :Federal Funds Rate lower right panel	impulse response:Federal Funds Rate lower right panel
0	0	0	0	0	0	0	0	0	0	-0.25	-0.25	-0.25
1	0.02	-0.04	-0.0121	0.01	-0.01	-0.0014	0.28	0	0.1395	-0.2185	-0.268	-0.243279
2	0.1	0.02	0.0604	0.02	-0.01	0.0012	0.46	0.04	0.2457	-0.1002	-0.1686	-0.134379
3	0.12	0.02	0.0685	0.02	-0.02	0.0017	0.51	-0.03	0.2397	-0.0674	-0.1486	-0.108014
4	0.13	0.02	0.0741	0.03	-0.02	0.0072	0.6	-0.01	0.298	-0.0547	-0.1587	-0.10668
5	0.14	0.05	0.0947	0.04	-0.02	0.0129	0.76	0.11	0.4366	-0.0263	-0.1273	-0.076801
6	0.16	0.06	0.1094	0.06	-0.01	0.0206	0.88	0.13	0.5056	0.0107	-0.0861	-0.037686
7	0.16	0.06	0.1112	0.07	-0.01	0.0295	0.96	0.15	0.5555	0.0409	-0.0661	-0.012582
8	0.16	0.05	0.1068	0.09	-0.01	0.0393	1.02	0.18	0.6031	0.0618	-0.0462	0.007771
9	0.16	0.04	0.1009	0.1	0	0.0504	1.06	0.2	0.6307	0.0794	-0.0272	0.026066
10	0.15	0.03	0.0907	0.12	0	0.0621	1.07	0.2	0.6339	0.0937	-0.0127	0.040499
11	0.14	0.02	0.0781	0.14	0.01	0.0741	1.05	0.18	0.6181	0.1025	-0.0013	0.05059
12	0.12	0.01	0.0647	0.16	0.02	0.0863	1.02	0.16	0.5888	0.1075	0.0059	0.056659
13	0.11	-0.01	0.0515	0.17	0.02	0.0983	0.97	0.13	0.5477	0.1096	0.0099	0.059736
14	0.09	-0.01	0.0392	0.19	0.03	0.1098	0.91	0.09	0.499	0.1089	0.012	0.060469
15	0.08	-0.02	0.0282	0.21	0.03	0.1207	0.84	0.06	0.4467	0.106	0.0128	0.059408
16	0.06	-0.03	0.0189	0.22	0.04	0.1307	0.76	0.02	0.3941	0.1017	0.0124	0.057051

Return to Figure 4

Figure 5. Impulse responses to a 25-basis-point federal funds rate decline, from a four-variable VAR with no time dependence and NFC CPH in place of the GDP deflator, by quarter

	upper 80:Real GDP upper left panel	lower 80 :Real GDP upper left panel	impulse response:Real GDP upper left panel	upper 80:Nonfinancial CPH upper right panel	lower 80 :Nonfinancial CPH upper right panel	impulse response:Nonfinancial CPH upper right panel	upper 80:Commodity prices lower left panel	lower 80 :Commodity prices lower left panel	impulse response:Commodity prices lower left panel	upper 80:Federal Funds Rate lower right panel	lower 80 :Federal Funds Rate lower right panel	impulse response:Federal Funds Rate lower right panel
0	0	0	0	0	0	0	0	0	0	-0.25	-0.25	-0.25
1	0.01	-0.04	-0.0149	0.02	-0.02	0.003	0.28	0	0.136	-0.2224	-0.2748	-0.248565
2	0.09	0.02	0.0566	0.03	-0.03	-0.003	0.44	0.04	0.2376	-0.0983	-0.1872	-0.142745
3	0.11	0.03	0.0658	0.04	-0.02	0.0098	0.49	-0.04	0.2251	-0.0651	-0.1673	-0.116234
4	0.11	0.03	0.0697	0.05	-0.02	0.0131	0.57	-0.04	0.2664	-0.0588	-0.1699	-0.11434
5	0.13	0.04	0.0875	0.05	-0.03	0.0113	0.74	0.05	0.3941	-0.0293	-0.1469	-0.088136
6	0.15	0.06	0.1013	0.07	-0.03	0.0208	0.84	0.07	0.4551	0.0096	-0.1136	-0.052046
7	0.15	0.06	0.1039	0.09	-0.02	0.0323	0.92	0.07	0.4917	0.036	-0.0919	-0.027916
8	0.15	0.05	0.0996	0.11	-0.02	0.044	0.98	0.08	0.5292	0.0556	-0.0742	-0.009283
9	0.14	0.05	0.0948	0.13	-0.01	0.0584	1.01	0.09	0.5508	0.0708	-0.0558	0.007512
10	0.13	0.04	0.0865	0.15	0	0.0745	1.02	0.08	0.5512	0.0828	-0.0403	0.021268
11	0.12	0.03	0.0759	0.18	0.01	0.091	1	0.07	0.5352	0.0909	-0.0284	0.031224
12	0.11	0.02	0.0646	0.2	0.02	0.1072	0.96	0.06	0.5089	0.0942	-0.0192	0.037483
13	0.1	0.01	0.0534	0.22	0.03	0.1227	0.91	0.04	0.4733	0.0943	-0.0121	0.041106
14	0.09	0	0.0429	0.24	0.04	0.137	0.85	0.01	0.4315	0.0925	-0.0072	0.042655
15	0.08	-0.01	0.0333	0.25	0.05	0.1495	0.78	-0.01	0.3868	0.0893	-0.0043	0.042519
16	0.07	-0.02	0.025	0.27	0.05	0.1602	0.71	-0.03	0.3415	0.0849	-0.0026	0.041115

Return to Figure 5

Figure 6. Impulse responses to a 25-basis-point federal funds rate decline, from a four-variable VAR with time dependence and AHE or CPH in place of the GDP deflator, by quarter

	upper 80:a. AHE upper left panel	lower 80 :a. AHE upper left panel	impulse response:a. AHE upper left panel	upper 80:a. AHE upper right panel	lower 80 :a. AHE upper right panel	impulse response:a. AHE upper right panel	upper 80: a. AHE lower left panel	lower 80 :a. AHE lower left panel	impulse response:a. AHE lower left panel	upper 80:a. AHE lower right panel	lower 80 :a. AHE lower right panel	impulse response:a. AHE lower right panel	upper 80:b. NFC CPH upper left panel	lower 80 :b. NFC CPH upper left panel	impulse response:b. NFC CPH upper left panel		b. NFC CPH upper right panel : upper 80	b. NFC CPH upper right panel :lower 80	b. NFC CPH upper right panel :impulse response	b. NFC CPH lower left panel :upper 80	b. NFC CPH lower left panel :lower 80	b. NFC CPH lower left panel :impulse response	b. NFC CPH lower right panel :upper 80	b. NFC CPH lower right panel :lower 80	b. NFC CPH lower right panel :impulse response
0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
1	0.04	0.01	0.02	0.02	-0.04	-0.01	0.02	-0.02	0	0.02	-0.03	-0.01	0.05	-0.04	0	1	0.03	-0.09	-0.03	0.12	0.02	0.07	0.02	-0.08	-0.03
2	0.04	-0.02	0.01	0.08	-0.02	0.03	0.03	-0.05	-0.01	0.01	-0.06	-0.02	0.04	-0.08	-0.02	2	0.1	-0.11	-0.01	0.09	-0.04	0.03	0.04	-0.14	-0.05
3	0.06	-0.03	0.01	0.12	-0.02	0.05	0.05	-0.07	-0.01	0.02	-0.08	-0.03	0.09	-0.08	0	3	0.14	-0.09	0.02	0.18	0.02	0.1	0.08	-0.16	-0.04
4	0.09	-0.02	0.04	0.19	-0.01	0.09	0.07	-0.09	-0.01	0.02	-0.11	-0.04	0.14	-0.04	0.05	4	0.18	-0.06	0.06	0.25	0.04	0.15	0.1	-0.21	-0.05
5	0.11	-0.04	0.04	0.24	0.01	0.13	0.08	-0.11	-0.02	0.01	-0.14	-0.07	0.18	-0.01	0.09	5	0.25	-0.04	0.1	0.28	-0.01	0.14	0.09	-0.24	-0.07
6	0.12	-0.04	0.04	0.28	0.01	0.15	0.1	-0.12	-0.01	0.04	-0.15	-0.06	0.25	0.03	0.14	6	0.31	-0.05	0.13	0.25	-0.04	0.11	0.09	-0.23	-0.07
7	0.14	-0.05	0.05	0.34	0.01	0.18	0.12	-0.15	-0.01	0.07	-0.17	-0.05	0.27	0	0.14	7	0.37	0	0.18	0.26	-0.03	0.12	0.11	-0.24	-0.07
8	0.17	-0.05	0.06	0.38	0.01	0.2	0.13	-0.16	-0.02	0.1	-0.17	-0.03	0.31	0.01	0.16	8	0.4	0.03	0.21	0.28	-0.03	0.12	0.13	-0.27	-0.07
9	0.19	-0.05	0.07	0.43	0.02	0.23	0.16	-0.16	0	0.12	-0.19	-0.03	0.33	0.02	0.18	9	0.46	0.06	0.26	0.3	-0.04	0.13	0.17	-0.24	-0.03
10	0.21	-0.05	0.08	0.47	0.02	0.24	0.17	-0.18	0	0.15	-0.19	-0.02	0.38	0.04	0.21	10	0.51	0.07	0.29	0.33	-0.03	0.15	0.2	-0.25	-0.03
11	0.24	-0.05	0.09	0.5	0.02	0.26	0.2	-0.17	0.01	0.18	-0.19	0	0.4	0.02	0.21	11	0.54	0.08	0.31	0.34	-0.03	0.15	0.23	-0.25	-0.01
12	0.26	-0.04	0.11	0.52	0	0.26	0.22	-0.17	0.02	0.22	-0.19	0.01	0.44	0.05	0.24	12	0.57	0.09	0.33	0.36	-0.04	0.16	0.25	-0.26	0
13	0.28	-0.04	0.12	0.54	-0.01	0.27	0.25	-0.16	0.05	0.25	-0.19	0.03	0.46	0.05	0.25	13	0.6	0.08	0.34	0.37	-0.05	0.16	0.3	-0.23	0.03
14	0.29	-0.04	0.13	0.55	-0.03	0.26	0.27	-0.16	0.05	0.28	-0.19	0.05	0.49	0.06	0.27	14	0.62	0.07	0.34	0.4	-0.03	0.18	0.32	-0.23	0.04
15	0.31	-0.04	0.13	0.57	-0.03	0.27	0.3	-0.14	0.08	0.31	-0.18	0.06	0.49	0.04	0.27	15	0.6	0.04	0.32	0.41	-0.03	0.19	0.35	-0.21	0.07
16	0.33	-0.04	0.15	0.57	-0.05	0.26	0.33	-0.12	0.1	0.35	-0.18	0.09	0.51	0.05	0.28	16	0.6	0.03	0.31	0.42	-0.03	0.2	0.37	-0.21	0.08

Return to Figure 6

Figure 7. Impulse responses to a 25-basis-point federal funds rate decline, from a six-variable VAR with no time dependence, by quarter

	Real Services upper left panel :upper 80	Real Services upper left panel :lower 80	Real Services upper left panel :impulse response	Services deflator upper right panel:upper 80	Services deflator upper right panel:lower 80	Services deflator upper right panel:impulse response	Real Goods middle left panel :upper 80	Real Goods middle left panel :lower 80	Real Goods middle left panel :impulse response	Goods Deflator middle right panel :upper 80	Goods Deflator middle right panel :lower 80	Goods Deflator middle right panel :impulse response	Commodity Prices lower left panel :upper 80	Commodity Prices lower left panel :lower 80	Commodity Prices lower left panel :impulse response	Federal Funds Rate lower right panel :upper 80	Federal Funds Rate lower right panel :lower 80	Federal Funds Rate lower right panel :impulse response
0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-0.25	-0.25	-0.25
1	0.03	0.01	0.0237	0.01	-0.01	0.0034	-0.09	-0.19	-0.1421	0	-0.03	-0.016	0.3	0.02	0.1602	-0.2047	-0.265	-0.234895
2	0.04	0.01	0.0232	0.02	-0.01	0.0027	0.1	-0.04	0.0278	0.01	-0.04	-0.0151	0.46	0.02	0.2398	-0.0741	-0.1686	-0.121349
3	0.05	0.02	0.0379	0.02	-0.02	0.0037	0.11	-0.06	0.0271	0.03	-0.03	-0.0019	0.49	-0.07	0.2093	-0.0499	-0.1612	-0.105581
4	0.07	0.03	0.051	0.03	-0.02	0.0054	0.11	-0.06	0.0237	0.04	-0.03	0.0061	0.55	-0.07	0.2381	-0.0446	-0.163	-0.103792
5	0.06	0.03	0.0464	0.03	-0.03	0.0019	0.17	0.01	0.087	0.05	-0.03	0.0115	0.71	0.03	0.3683	-0.0169	-0.1385	-0.07769
6	0.07	0.03	0.0476	0.04	-0.03	0.0049	0.19	0.03	0.1098	0.07	-0.02	0.0209	0.78	0.03	0.4041	0.0188	-0.1052	-0.04323
7	0.07	0.03	0.0487	0.05	-0.03	0.0099	0.18	0.04	0.1118	0.09	-0.02	0.0337	0.84	0.06	0.4466	0.0397	-0.0834	-0.021857
8	0.07	0.03	0.0491	0.06	-0.03	0.0149	0.18	0.04	0.108	0.11	-0.01	0.0479	0.88	0.08	0.4826	0.0548	-0.0652	-0.0052
9	0.07	0.02	0.0478	0.08	-0.03	0.023	0.17	0.04	0.1023	0.13	0	0.0649	0.9	0.08	0.4931	0.0654	-0.0512	0.007081
10	0.07	0.02	0.0464	0.09	-0.03	0.0329	0.15	0.02	0.0873	0.16	0.01	0.0832	0.9	0.07	0.4873	0.0727	-0.0404	0.016137
11	0.07	0.02	0.0451	0.11	-0.02	0.0435	0.14	0.01	0.0718	0.18	0.02	0.1018	0.88	0.05	0.4686	0.0792	-0.0301	0.024529
12	0.07	0.02	0.0426	0.13	-0.02	0.0548	0.12	-0.01	0.0558	0.21	0.03	0.1205	0.85	0.03	0.4405	0.0818	-0.0234	0.029171
13	0.06	0.02	0.0398	0.14	-0.01	0.0665	0.1	-0.02	0.0378	0.23	0.05	0.1386	0.81	0	0.4049	0.0815	-0.0198	0.030834
14	0.06	0.01	0.0366	0.16	0	0.0779	0.08	-0.04	0.0214	0.25	0.06	0.1553	0.77	-0.03	0.3685	0.0806	-0.017	0.031799
15	0.05	0.01	0.0329	0.17	0	0.089	0.06	-0.05	0.0063	0.27	0.07	0.1707	0.72	-0.06	0.3306	0.0789	-0.015	0.031936
16	0.05	0.01	0.0291	0.19	0.01	0.0995	0.05	-0.06	-0.008	0.29	0.08	0.1843	0.68	-0.09	0.2926	0.0761	-0.0143	0.030889

Return to Figure 7

Figure 8. Impulse responses of real services and services deflator to a 25-basis-point federal funds rate decline, from a six-variable VAR with time dependence, by quarter

	a. Real Services upper left panel :upper 80	a. Real Services upper left panel :lower 80	a. Real Services upper left panel :impulse response	a. Real Services upper right panel :upper 80	a. Real Services upper right panel :lower 80	a. Real Services upper right panel :impulse response	a. Real Services lower left panel:upper 80	a. Real Services lower left panel :lower 80	a. Real Services lower left panel :impulse response	a. Real Services lower right panel :upper 80	a. Real Services lower right panel :lower 80	a. Real Services lower right panel :impulse response	b. Services Deflator upper left panel :upper 80	b. Services Deflator upper left panel :lower 80	b. Services Deflator upper left panel :impulse response	b. Services Deflator upper right panel :upper 80	b. Services Deflator upper right panel :lower 80	b. Services Deflator upper right panel :impulse response	b. Services Deflator lower left panel :upper 80	b. Services Deflator lower left panel :lower 80	b. Services Deflator lower left panel : impulse response	b. Services Deflator lower right panel :upper 80	b. Services Deflator lower right panel :lower 80	b. Services Deflator lower right panel :impulse response
0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
1	0.04	-0.02	0.01	0.02	-0.05	-0.01	0.12	0.05	0.08	0.1	0.02	0.06	-0.01	-0.05	-0.03	0.01	-0.03	-0.01	0.06	0.01	0.04	0.03	-0.02	0
2	0.03	-0.07	-0.02	0	-0.08	-0.04	0.13	0.04	0.09	0.13	0.02	0.07	-0.02	-0.09	-0.06	0.06	-0.03	0.01	0.03	-0.05	-0.01	0.04	-0.01	0.01
3	0.06	-0.05	0.01	0	-0.1	-0.05	0.12	0.02	0.07	0.16	0.02	0.09	-0.05	-0.16	-0.1	0.12	-0.03	0.04	0.06	-0.05	0	0.07	-0.01	0.03
4	0.12	0.01	0.07	0.02	-0.09	-0.04	0.12	-0.02	0.05	0.18	0.01	0.09	-0.02	-0.18	-0.1	0.18	-0.03	0.07	0.1	-0.04	0.03	0.12	-0.02	0.05
5	0.12	0.01	0.07	0.02	-0.12	-0.05	0.09	-0.04	0.02	0.18	0.01	0.1	-0.02	-0.23	-0.12	0.21	-0.03	0.09	0.14	-0.04	0.05	0.16	-0.05	0.05
6	0.19	0.06	0.13	0.02	-0.12	-0.05	0.05	-0.08	-0.02	0.17	0.02	0.1	-0.03	-0.27	-0.15	0.26	-0.02	0.12	0.19	-0.03	0.08	0.22	-0.05	0.08
7	0.23	0.09	0.16	0.04	-0.11	-0.03	0.02	-0.12	-0.05	0.17	-0.01	0.08	-0.01	-0.3	-0.16	0.29	-0.03	0.13	0.28	0	0.14	0.27	-0.06	0.11
8	0.26	0.11	0.19	0.03	-0.13	-0.05	0.02	-0.15	-0.06	0.16	-0.03	0.06	-0.02	-0.36	-0.19	0.33	-0.03	0.15	0.34	0.02	0.18	0.34	-0.05	0.14
9	0.3	0.15	0.22	0.05	-0.12	-0.04	0.01	-0.17	-0.08	0.16	-0.04	0.06	-0.01	-0.39	-0.2	0.38	-0.02	0.18	0.41	0.05	0.23	0.4	-0.06	0.17
10	0.3	0.13	0.21	0.08	-0.1	-0.01	0	-0.18	-0.09	0.16	-0.05	0.05	0	-0.41	-0.21	0.45	0	0.22	0.48	0.06	0.27	0.47	-0.04	0.21
11	0.3	0.12	0.21	0.09	-0.09	0	0	-0.18	-0.09	0.15	-0.08	0.03	0.01	-0.44	-0.21	0.49	-0.02	0.23	0.55	0.09	0.32	0.53	-0.04	0.25
12	0.28	0.1	0.19	0.1	-0.08	0.01	-0.02	-0.21	-0.12	0.16	-0.07	0.04	0.03	-0.47	-0.22	0.52	-0.04	0.24	0.6	0.11	0.36	0.61	0	0.31
13	0.27	0.08	0.18	0.1	-0.11	0	-0.01	-0.21	-0.11	0.16	-0.07	0.04	0.05	-0.48	-0.22	0.56	-0.05	0.25	0.67	0.14	0.41	0.66	-0.01	0.32
14	0.25	0.06	0.16	0.09	-0.12	-0.02	-0.01	-0.2	-0.11	0.15	-0.07	0.04	0.07	-0.49	-0.21	0.58	-0.07	0.25	0.72	0.14	0.43	0.71	-0.01	0.35
15	0.24	0.06	0.15	0.06	-0.13	-0.03	-0.02	-0.21	-0.12	0.14	-0.09	0.02	0.11	-0.49	-0.19	0.62	-0.09	0.27	0.75	0.14	0.45	0.75	0.01	0.38
16	0.22	0.04	0.13	0.04	-0.15	-0.05	-0.01	-0.21	-0.11	0.14	-0.08	0.03	0.14	-0.5	-0.18	0.65	-0.1	0.27	0.78	0.15	0.47	0.82	0.04	0.43

Return to Figure 8

Figure 9. Impulse responses of real goods and goods deflator to a 25-basis-point federal funds rate decline, from a six-variable VAR with time dependence, by quarter

	a. Real goods upper left panel :upper 80	a. Real goods upper left panel :lower 80	a. Real goods upper left panel :impulse response	a. Real goods upper right panel :upper 80	a. Real goods upper right panel :lower 80	a. Real goods upper right panel :impulse response	a. Real goods lower left panel :upper 80	a. Real goods lower left panel :lower 80	a. Real goods lower left panel :impulse response	a. Real goods lower right panel :upper 80	a. Real goods lower right panel :lower 80	a. Real goods lower right panel :impulse response	b. Goods deflator upper left panel :upper 80	b. Goods deflator upper left panel :lower 80	b. Goods deflator upper left panel :impulse response	b. Goods deflator upper right panel :upper 80	b. Goods deflator upper right panel :lower 80	b. Goods deflator upper right panel :impulse response	b. Goods deflator lower left panel :upper 80	b. Goods deflator lower left panel :lower 80	b. Goods deflator lower left panel :impulse response	b. Goods deflator lower right panel :upper 80	b. Goods deflator lower right panel :lower 80	b. Goods deflator lower right panel :impulse response
0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
1	0.13	-0.15	-0.01	0.14	-0.17	-0.02	0.09	-0.24	-0.07	-0.16	-0.49	-0.32	0.02	-0.06	-0.02	0.01	-0.07	-0.03	0.07	-0.02	0.03	0.04	-0.05	0
2	0.34	-0.04	0.15	0.57	0.11	0.34	-0.01	-0.48	-0.25	0.3	-0.3	0	0.02	-0.13	-0.05	0.04	-0.07	-0.01	0.12	-0.03	0.05	0.08	-0.05	0.02
3	0.39	-0.04	0.17	1.05	0.44	0.75	0.25	-0.35	-0.05	0.25	-0.45	-0.1	0.01	-0.16	-0.08	0.1	-0.05	0.02	0.22	0.04	0.13	0.17	-0.03	0.07
4	0.35	-0.2	0.08	0.82	0.06	0.44	0.27	-0.4	-0.06	0.46	-0.19	0.14	-0.03	-0.25	-0.14	0.11	-0.07	0.02	0.31	0.08	0.19	0.25	0.01	0.13
5	0.53	-0.09	0.22	0.89	0.18	0.54	0.41	-0.16	0.13	0.54	-0.25	0.15	-0.07	-0.34	-0.2	0.18	-0.04	0.07	0.38	0.09	0.24	0.32	0.02	0.17
6	0.5	-0.07	0.21	0.72	0.06	0.39	0.49	-0.14	0.18	0.6	-0.24	0.18	-0.07	-0.4	-0.23	0.22	-0.06	0.08	0.46	0.12	0.29	0.42	0.03	0.23
7	0.51	-0.02	0.25	0.33	-0.34	-0.01	0.47	-0.21	0.13	0.54	-0.17	0.18	-0.02	-0.4	-0.21	0.28	-0.06	0.11	0.56	0.16	0.36	0.52	0.06	0.29
8	0.6	0.02	0.31	0.35	-0.33	0.01	0.37	-0.22	0.07	0.65	0	0.32	-0.01	-0.44	-0.22	0.33	-0.07	0.13	0.64	0.17	0.41	0.66	0.1	0.38
9	0.62	0.03	0.32	0.17	-0.41	-0.12	0.27	-0.27	0	0.57	-0.09	0.24	0.04	-0.45	-0.21	0.4	-0.08	0.16	0.74	0.21	0.47	0.76	0.1	0.43
10	0.64	0.11	0.37	0.1	-0.47	-0.19	0.27	-0.31	-0.02	0.46	-0.24	0.11	0.07	-0.46	-0.19	0.47	-0.09	0.19	0.85	0.25	0.55	0.84	0.1	0.47
11	0.73	0.22	0.47	0.2	-0.4	-0.1	0.18	-0.5	-0.16	0.47	-0.19	0.14	0.11	-0.48	-0.18	0.53	-0.11	0.21	0.92	0.26	0.59	0.92	0.13	0.52
12	0.62	0.05	0.33	0.19	-0.44	-0.12	0.26	-0.37	-0.05	0.38	-0.25	0.07	0.13	-0.51	-0.19	0.6	-0.12	0.24	0.97	0.28	0.62	1.01	0.16	0.59
13	0.56	0	0.28	0.24	-0.35	-0.06	0.17	-0.42	-0.12	0.37	-0.38	-0.01	0.19	-0.5	-0.15	0.66	-0.11	0.27	1.01	0.28	0.64	1.08	0.18	0.63
14	0.4	-0.13	0.13	0.27	-0.29	-0.01	0.22	-0.45	-0.12	0.26	-0.43	-0.08	0.23	-0.49	-0.13	0.68	-0.16	0.26	1.05	0.29	0.67	1.13	0.19	0.66
15	0.3	-0.19	0.05	0.28	-0.38	-0.05	0.19	-0.45	-0.13	0.27	-0.34	-0.04	0.29	-0.48	-0.09	0.7	-0.18	0.26	1.07	0.28	0.67	1.18	0.21	0.69
16	0.32	-0.24	0.04	0.3	-0.33	-0.01	0.2	-0.35	-0.07	0.22	-0.33	-0.06	0.33	-0.47	-0.07	0.72	-0.21	0.25	1.08	0.28	0.68	1.23	0.22	0.72

Return to Figure 9

Figure 10. Impulse responses of services and goods prices (deflators) to a 25-basis-point fed funds rate decline, from six-variable VARs with and without time dependence, by quarter

	a. Response of services prices:Q1 response	a. Response of services prices:Q2 response	a. Response of services prices:Q3 response	a. Response of services prices:Q4 response	a. Response of services prices:No Quarterly Dependence	b. Response of goods prices:Q1 response	b. Response of goods prices:Q2 response	b. Response of goods prices:Q3 response	b. Response of goods prices:Q4 response	b. Response of goods prices:No Quarterly Dependence
1	0	0	0	0	0	0	0	0	0	0
2	-0.0322783910618796	-0.0115721736278829	0.0363444735540952	0.00179529753978613	0.0034	-0.017367485538955	-0.0256869276000771	0.0260583095510469	-0.0036448690650559	-0.016
3	-0.0556859990072802	0.0123940963185167	-0.0115658889276287	0.012484492435815	0.0027	-0.0537381964600531	-0.0148121854880641	0.0473129426907873	0.0184619980324188	-0.0151
4	-0.104829236852864	0.0431539833859228	0.00450519546657914	0.0330785632476737	0.0037	-0.0758202493107312	0.0228101066124021	0.132980370296433	0.0703603281492707	-0.0019
5	-0.104471967666059	0.0716433827533932	0.0340062756723331	0.0498831641037405	0.0054	-0.139283457896939	0.0212602019526404	0.194775520064275	0.130741050311413	0.0061
6	-0.12317971285135	0.0896234024957655	0.0501476466864271	0.0513762048979452	0.0019	-0.200304940016286	0.0702556744468664	0.237567996752163	0.173956920316533	0.0115
7	-0.15226942440212	0.119945249391624	0.0807389486107753	0.0834396759441301	0.0049	-0.234892084803023	0.0826713937698948	0.287333746980923	0.22610266909685	0.0209
8	-0.157394616656071	0.133266706878992	0.141568287148983	0.108881830798394	0.0099	-0.213165483697434	0.107622887698376	0.363255772926859	0.292702550383315	0.0337
9	-0.18653625170492	0.151657823466053	0.180205576476937	0.142910151543122	0.0149	-0.224998435172155	0.127431324804573	0.408791166998603	0.375997197822118	0.0479
10	-0.198186248744388	0.178640720016191	0.232403133785727	0.16948409686987	0.023	-0.207219827213793	0.16093255386225	0.472189062849674	0.431482947964361	0.0649
11	-0.20521093121469	0.224924636085742	0.273337340078743	0.213434299141601	0.0329	-0.194093867229741	0.189519098159232	0.553380725600467	0.469107751416335	0.0832
12	-0.21240847804224	0.234659549899785	0.319155616992498	0.245938607960295	0.0435	-0.184465741572496	0.211867393944072	0.59225161894839	0.523478261912134	0.1018
13	-0.22427213482381	0.242169522871778	0.355086795078695	0.306325623455423	0.0548	-0.189944939182591	0.241842186343801	0.6210566072129	0.587401203591909	0.1205
14	-0.216050868555337	0.254090825494293	0.406471706122606	0.32455764786158	0.0665	-0.152031098308997	0.271528840310885	0.642373206817259	0.628210561701622	0.1386
15	-0.211740615942051	0.253252725845176	0.427874779620905	0.353054147193665	0.0779	-0.130092318810489	0.259505417858105	0.667943468178362	0.660034192665927	0.1553
16	-0.190458698989374	0.267304127140431	0.446495638308768	0.379690825736879	0.089	-0.0925383387926558	0.257336118468746	0.673092008710054	0.692819146216653	0.1707

Return to Figure 10

Figure 11. Impulse responses of services and goods wages (AHE) to a 25-basis-point fed funds rate decline, from six-variable VARs with and without time dependence, by quarter

	a. Response of Wages in the Services sector:Q1 response	a. Response of Wages in the Services sector:Q2 response	a. Response of Wages in the Services sector:Q3 response	a. Response of Wages in the Services sector:Q4 response	a. Response of Wages in the Services sector:No Quarterly Dependence	b. Response of Wages in the Goods sector:Q1 response	b. Response of Wages in the Goods sector:Q2 response	b. Response of Wages in the Goods sector:Q3 response	b. Response of Wages in the Goods sector:Q4 response	b. Response of Wages in the Goods sector:No Quarterly Dependence
1	0	0	0	0	0	0	0	0	0	0
2	0.00394116354911489	0.00214772081292836	-0.00678633264783457	-0.0470221193737075	-0.0081	0.0349070019190378	0.0494111942494158	0.00970743434720589	0.0286943234748094	0.0071
3	-0.00927104811194501	0.0354692344945044	-0.054691862599705	-0.0603353606139568	-0.0092	0.0604339952878582	0.119150708026226	0.0108594447074784	0.0117614854277384	0.0207
4	-0.0164289772588868	0.0487872073613162	-0.0812028355653215	-0.0552747399051175	-0.0052	0.0597441216687462	0.157043330798775	-0.0225354224732473	0.0120851490512563	0.0316
5	0.0093308637281813	0.0775095576486665	-0.0988909096406964	-0.0562527318822088	0.0013	0.122267199971856	0.208053788132302	-0.0369311081805025	-0.00354665165896737	0.0464
6	0.00346779992663639	0.104387691855771	-0.107940688028625	-0.0516087829233653	-0.0003	0.107020505374001	0.249029250474544	-0.0561907197505323	-0.0249269485725106	0.055
7	0.0123377208481197	0.113763235604824	-0.130514305701595	-0.044293334079432	0.002	0.0968585696262157	0.300075711099909	-0.0875042089281694	-0.0148686166425902	0.0611
8	0.0470870693319909	0.165149436054758	-0.131540854636176	-0.0473146361333324	0.0102	0.135731981780971	0.322997725948965	-0.0818334481250645	0.0169356451690283	0.0716
9	0.0931076794729921	0.185200755140165	-0.121768528890062	-0.036988367970809	0.0185	0.153861687811883	0.327013176196544	-0.0496714849514211	0.0556921760566867	0.0829
10	0.111115236441183	0.212561774676209	-0.120710204946734	-0.0330122105322295	0.0283	0.160968442513789	0.32846048608059	-0.0454233315249241	0.083862787796832	0.0937
11	0.117180326364135	0.241092038381992	-0.12859480592473	-0.0268883836105925	0.0392	0.175420910435516	0.33717448474731	-0.0345946728988357	0.102444047381943	0.1051
12	0.132864844404712	0.265788243548496	-0.116374458533234	-0.00953064858302715	0.051	0.227531148451736	0.347379650663541	-0.0113928679426814	0.119537202721984	0.1168
13	0.151022350561331	0.28508044596395	-0.0983595200695005	0.0127887954220554	0.0637	0.227344924998266	0.353083638006704	0.0206496644654427	0.152019301880034	0.1288
14	0.172274664750215	0.288746423325292	-0.0666538431736042	0.0401337761066107	0.0763	0.257197674426048	0.34006068857994	0.0568782265904355	0.161278562264512	0.1409
15	0.198964632672378	0.289866677432124	-0.0346620537626077	0.0619748583144704	0.0884	0.291393476837065	0.316462492540785	0.0888083050475097	0.174401835238545	0.1525
16	0.219185880359884	0.30001009846089	-0.0136153111384376	0.0888401275122532	0.0997	0.319281786551363	0.322118900038232	0.1080634488631	0.200132205784983	0.1633

Return to Figure 11

Figure 12. Impulse responses of goods and services prices and sector-specific wages to a 25-basis-point fed funds rate decline, from six-variable VARs with time dependence, by quarter

	a. Services sector upper left:Prices	a. Services sector upper left:Wages	a. Services sector upper right:Prices	a. Services sector upper right:Wages	a. Services sector lower left:Prices	a. Services sector lower left:Wages	a. Services sector lower right:Prices	a. Services sector lower right:Wages	b. Goods sector upper left:Prices	b. Goods sector upper left:Wages	b. Goods sector upper right:Prices	b. Goods sector upper right:Wages	b. Goods sector lower left :Prices	b. Goods sector lower left :Wages	b. Goods sector lower right :prices	b. Goods sector lower right :wages
1	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
2	-0.0322783910618796	0.00394116354911489	-0.0115721736278829	0.00214772081292836	0.0363444735540952	-0.00678633264783457	0.00179529753978613	-0.0470221193737075	-0.017367485538955	0.0349070019190378	-0.0256869276000771	0.0494111942494158	0.0260583095510469	0.00970743434720589	-0.0036448690650559	0.0286943234748094
3	-0.0556859990072802	-0.00927104811194501	0.0123940963185167	0.0354692344945044	-0.0115658889276287	-0.054691862599705	0.012484492435815	-0.0603353606139568	-0.0537381964600531	0.0604339952878582	-0.0148121854880641	0.119150708026226	0.0473129426907873	0.0108594447074784	0.0184619980324188	0.0117614854277384
4	-0.104829236852864	-0.0164289772588868	0.0431539833859228	0.0487872073613162	0.00450519546657914	-0.0812028355653215	0.0330785632476737	-0.0552747399051175	-0.0758202493107312	0.0597441216687462	0.0228101066124021	0.157043330798775	0.132980370296433	-0.0225354224732473	0.0703603281492707	0.0120851490512563
5	-0.104471967666059	0.0093308637281813	0.0716433827533932	0.0775095576486665	0.0340062756723331	-0.0988909096406964	0.0498831641037405	-0.0562527318822088	-0.139283457896939	0.122267199971856	0.0212602019526404	0.208053788132302	0.194775520064275	-0.0369311081805025	0.130741050311413	-0.00354665165896737
6	-0.12317971285135	0.00346779992663639	0.0896234024957655	0.104387691855771	0.0501476466864271	-0.107940688028625	0.0513762048979452	-0.0516087829233653	-0.200304940016286	0.107020505374001	0.0702556744468664	0.249029250474544	0.237567996752163	-0.0561907197505323	0.173956920316533	-0.0249269485725106
7	-0.15226942440212	0.0123377208481197	0.119945249391624	0.113763235604824	0.0807389486107753	-0.130514305701595	0.0834396759441301	-0.044293334079432	-0.234892084803023	0.0968585696262157	0.0826713937698948	0.300075711099909	0.287333746980923	-0.0875042089281694	0.22610266909685	-0.0148686166425902
8	-0.157394616656071	0.0470870693319909	0.133266706878992	0.165149436054758	0.141568287148983	-0.131540854636176	0.108881830798394	-0.0473146361333324	-0.213165483697434	0.135731981780971	0.107622887698376	0.322997725948965	0.363255772926859	-0.0818334481250645	0.292702550383315	0.0169356451690283
9	-0.18653625170492	0.0931076794729921	0.151657823466053	0.185200755140165	0.180205576476937	-0.121768528890062	0.142910151543122	-0.036988367970809	-0.224998435172155	0.153861687811883	0.127431324804573	0.327013176196544	0.408791166998603	-0.0496714849514211	0.375997197822118	0.0556921760566867
10	-0.198186248744388	0.111115236441183	0.178640720016191	0.212561774676209	0.232403133785727	-0.120710204946734	0.16948409686987	-0.0330122105322295	-0.207219827213793	0.160968442513789	0.16093255386225	0.32846048608059	0.472189062849674	-0.0454233315249241	0.431482947964361	0.083862787796832
11	-0.20521093121469	0.117180326364135	0.224924636085742	0.241092038381992	0.273337340078743	-0.12859480592473	0.213434299141601	-0.0268883836105925	-0.194093867229741	0.175420910435516	0.189519098159232	0.33717448474731	0.553380725600467	-0.0345946728988357	0.469107751416335	0.102444047381943
12	-0.21240847804224	0.132864844404712	0.234659549899785	0.265788243548496	0.319155616992498	-0.116374458533234	0.245938607960295	-0.00953064858302715	-0.184465741572496	0.227531148451736	0.211867393944072	0.347379650663541	0.59225161894839	-0.0113928679426814	0.523478261912134	0.119537202721984
13	-0.22427213482381	0.151022350561331	0.242169522871778	0.28508044596395	0.355086795078695	-0.0983595200695005	0.306325623455423	0.0127887954220554	-0.189944939182591	0.227344924998266	0.241842186343801	0.353083638006704	0.6210566072129	0.0206496644654427	0.587401203591909	0.152019301880034
14	-0.216050868555337	0.172274664750215	0.254090825494293	0.288746423325292	0.406471706122606	-0.0666538431736042	0.32455764786158	0.0401337761066107	-0.152031098308997	0.257197674426048	0.271528840310885	0.34006068857994	0.642373206817259	0.0568782265904355	0.628210561701622	0.161278562264512
15	-0.211740615942051	0.198964632672378	0.253252725845176	0.289866677432124	0.427874779620905	-0.0346620537626077	0.353054147193665	0.0619748583144704	-0.130092318810489	0.291393476837065	0.259505417858105	0.316462492540785	0.667943468178362	0.0888083050475097	0.660034192665927	0.174401835238545
16	-0.190458698989374	0.219185880359884	0.267304127140431	0.30001009846089	0.446495638308768	-0.0136153111384376	0.379690825736879	0.0888401275122532	-0.0925383387926558	0.319281786551363	0.257336118468746	0.322118900038232	0.673092008710054	0.1080634488631	0.692819146216653	0.200132205784983

Return to Figure 12

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