Fig. 13

Responses of individual emerging economies to US UMP shocks. Notes The solid lines indicate the median estimate of the responses to a one standard deviation decline in US mortgage spread while the dashed lines show the median estimate of the responses to a one standard deviation decline in US term spread. Dark (light) shaded areas represent the 68% (95%) posterior probability bands. The posterior bands are based on 10.000 accepted draws, of which we discard the first 2.000 as burn-in draws