## figure3-12

## Source details

**Canonical URL:** [figure3-12](https://www.imf.org/-/media/files/publications/gfsr/2017/april/figure3-12.pdf)

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- [Markdown version](/-/media/files/publications/gfsr/2017/april/figure3-12.pdf.md)
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### Theme: Response of Financial Conditions Index to Monetary Policy Shocks
- Figure title: Selected Advanced Economies: Response of Financial Conditions Index to Monetary Policy Shocks (Standard deviations)
- Country case studies highlight the influence of domestic monetary policy on domestic financial conditions.
- The figure displays the impulse response functions and 90 percent confidence bands of domestic FCIs to domestic monetary policy shocks for countries using two complementary methods to identify the monetary policy shocks.
- FCI = financial conditions index; GK = Gertler and Karadi.

### Countries and series shown
- 1. Australia
  - GK: FCI
  - GK: FCI (upper and lower bound)
  - Cholesky: FCI
  - Cholesky: FCI (upper and lower bound)
  - Vertical axis ticks shown: –0.10, –0.05, 0.00, 0.05, 0.10, 0.15
  - Horizontal axis label text shown: 1357911131517192123252729313335 (Months)
- 2. New Zealand
  - GK: FCI
  - GK: FCI (upper and lower bound)
  - Cholesky: FCI
  - Cholesky: FCI (upper and lower bound)
  - Vertical axis ticks shown: –0.04, –0.02, 0.00, 0.02, 0.04
  - Horizontal axis label text shown: 1357911131517192123252729313335 (Months)
- 3. Norway
  - GK: FCI
  - GK: FCI (upper and lower bound)
  - Cholesky: FCI
  - Cholesky: FCI (upper and lower bound)
  - Vertical axis ticks shown: –0.04, –0.02, 0.00, 0.02, 0.04, 0.06, 0.08, 0.10
  - Horizontal axis label text shown: 1357911131517192123252729313335 (Months)
- 4. Sweden
  - GK: FCI
  - GK: FCI (upper and lower bound)
  - Cholesky: FCI
  - Cholesky: FCI (upper and lower bound)
  - Vertical axis ticks shown: –0.04, –0.02, 0.00, 0.02, 0.04, 0.06, 0.08
  - Horizontal axis label text shown: 1357911131517192123252729313335 (Months)

### Key visualization details and methods
- Two complementary identification methods are used:
  - GK (Gertler and Karadi)
  - Cholesky
- Confidence bands reported: 90 percent confidence bands
- Series units: Standard deviations

*Sources: IMF, Global Data Source database; and IMF staff estimates.*

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_Source: https://www.imf.org/-/media/files/publications/gfsr/2017/april/figure3-12.pdf_