## Figure 3.12. Selected Advanced Economies: Response of Financial Conditions Index to Monetary Policy Shocks

## Source details

**Canonical URL:** [Figure 3.12. Selected Advanced Economies: Response of Financial Conditions Index to Monetary Policy Shocks](https://www.imf.org/-/media/files/publications/gfsr/2017/april/figure3-12d.csv)

## Other formats

- [Markdown version](/-/media/files/publications/gfsr/2017/april/figure3-12d.csv.md)
- [Structured JSON version](/-/media/files/publications/gfsr/2017/april/figure3-12d.csv.json)

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### Dataset description
- Worksheet name: csv
- Row count: 41
- Column count: 37
- Units: (Standard deviations)
- Time horizon: (Months --->) 1 through 36

### Months (horizontal axis)
- 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36

### Series for 1. Australia
- GK: FCI
  - -0.052226913, -0.056982175, -0.043928978, -0.018890255, 0.005637712, 0.028792952, 0.048576697, 0.065728671, 0.079287605, 0.089391973, 0.096087852, 0.099707288, 0.100642471, 0.099332039, 0.096259302, 0.091826631, 0.086435286, 0.080426761, 0.074129978, 0.067809647, 0.06168492, 0.055910634, 0.050595368, 0.045801417, 0.041557526, 0.037862744, 0.03469443, 0.032013249, 0.029769373, 0.027907258, 0.026369858, 0.025101727, 0.024051288, 0.023172407, 0.022425281, 0.02177681
- GK: FCI (lower bound)
  - -0.055198251, -0.062517213, -0.052561445, -0.032452084, -0.011842101, 0.00504115, 0.020696898, 0.033513992, 0.042343526, 0.047829591, 0.050288033, 0.048439979, 0.042759684, 0.035660774, 0.028322479, 0.022238187, 0.015744919, 0.009084391, 0.003238361, -0.002769278, -0.008741661, -0.01335778, -0.016578367, -0.018937905, -0.02022483, -0.022804365, -0.024015602, -0.025474019, -0.025797245, -0.025803415, -0.025125492, -0.024994503, -0.024071811, -0.023259522, -0.022680932, -0.021837276
- GK: FCI (upper bound)
  - -0.011550379, 0.003111315, 0.020839513, 0.041056795, 0.05976582, 0.074161117, 0.086757996, 0.097773964, 0.106287007, 0.112974347, 0.115027459, 0.11586091, 0.116699693, 0.114268938, 0.110205113, 0.1066197, 0.102292092, 0.096570481, 0.088769509, 0.08216768, 0.075781376, 0.069569772, 0.064382124, 0.059919362, 0.054239074, 0.050352453, 0.045985771, 0.042739132, 0.039796766, 0.036117316, 0.032900918, 0.030439141, 0.02833084, 0.027174501, 0.027147945, 0.026249956
- Cholesky: FCI
  - 0, 0.010021965, 0.024674564, 0.035225744, 0.051219941, 0.062873884, 0.073511659, 0.080785365, 0.085811816, 0.087893, 0.0878856, 0.08609339, 0.08288646, 0.078504155, 0.073242149, 0.067471858, 0.061496085, 0.055601513, 0.049977178, 0.044783304, 0.040113319, 0.036032717, 0.032559337, 0.029683271, 0.027364104, 0.025546328, 0.024163517, 0.023146524, 0.022425989, 0.021935855, 0.021615301, 0.021410804, 0.021277318, 0.021178749, 0.021087718, 0.020984777
- Cholesky: FCI  (lower bound)
  - 0, -0.003737793, 0.00277653, 0.00530193, 0.018762713, 0.03086065, 0.0388743, 0.043438216, 0.046099985, 0.044463463, 0.041573675, 0.036690342, 0.030174802, 0.022364073, 0.016762963, 0.010376577, 0.004279704, -0.002162612, -0.00606637, -0.010081557, -0.014230739, -0.016428013, -0.017913529, -0.020339784, -0.021885744, -0.021949093, -0.022924582, -0.02322705, -0.022320264, -0.021757932, -0.021009962, -0.02061654, -0.019636328, -0.018907506, -0.018521515, -0.017037875
- Cholesky: FCI (upper bound)
  - 0, 0.023577133, 0.045842675, 0.059633692, 0.073580118, 0.083738271, 0.091648429, 0.097480771, 0.101752647, 0.102850371, 0.103432311, 0.101504897, 0.099252208, 0.095592665, 0.090070589, 0.085242687, 0.078957634, 0.072389378, 0.06581757, 0.059774779, 0.055249637, 0.048968788, 0.04445567, 0.040673502, 0.037006882, 0.034826592, 0.033487532, 0.031843371, 0.030559473, 0.028932561, 0.029131539, 0.028212866, 0.027739023, 0.026779215, 0.026214986, 0.025285728

### Key observations (from values present)
- The dataset provides impulse responses (in standard deviations) of Financial Conditions Index (FCI) to monetary policy shocks for Australia over 36 months.
- Two identification methods are included: "GK" and "Cholesky", each with point estimates and lower/upper bounds.
- GK: FCI point estimate starts at -0.052226913 (month 1), turns positive by month 5 (0.005637712), and peaks near month 13 (0.100642471) before gradually declining to 0.02177681 at month 36.
- Cholesky: FCI point estimate starts at 0 (month 1), rises to 0.087893 by month 10, peaks earlier and declines to 0.020984777 by month 36.
- Confidence bounds are provided for both identification methods to show estimation uncertainty at each month.

*Figure 3.12.d dataset: Selected Advanced Economies — Response of Financial Conditions Index to Monetary Policy Shocks (worksheet "csv").*

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