Fig. 4
From: Bayesian analysis of time-varying interactions between stock returns and foreign equity flows
Time-varying impulse responses of stock returns. a) The historical impulse response functions of stock returns b) The contemporaneous response of stock returns c) Time-varying response of returns to net flow shocks at specific horizons d) Time-varying response of net flow to net flow shocks at specific horizons. These results are from the estimation of TVP-VAR-SV with ordering the variables as follows: \(\left\{EPU,NEF,R\right\}\)