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Financial Innovation
Fig. 14 | Financial Innovation

Fig. 14

From: Spillovers of US unconventional monetary policy: quantitative easing, spreads, and international financial markets

Fig. 14Fig. 14Fig. 14Fig. 14

Responses of individual advanced 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

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