## Figure 3.9. Response of Domestic Financial Conditions to Shocks

## Source details

**Canonical URL:** [Figure 3.9. Response of Domestic Financial Conditions to Shocks](https://www.imf.org/-/media/files/publications/gfsr/2017/april/figure3-9d.csv)

## Other formats

- [Markdown version](/-/media/files/publications/gfsr/2017/april/figure3-9d.csv.md)
- [Structured JSON version](/-/media/files/publications/gfsr/2017/april/figure3-9d.csv.json)

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### Dataset description
- Unit: (Percent, standard deviations)
- Time horizon: (months --->) 1 through 24

### Monetary policy shocks (response by month)
- 1: 2.6221805
- 2: 4.645258
- 3: 7.3715232
- 4: 11.820399
- 5: 14.43669
- 6: 16.194029
- 7: 17.605547
- 8: 18.322665
- 9: 18.518278
- 10: 18.237892
- 11: 17.553732
- 12: 16.545214
- 13: 15.316062
- 14: 13.953852
- 15: 12.51884
- 16: 11.063057
- 17: 9.6281923
- 18: 8.2483061
- 19: 6.9486865
- 20: 5.7467836
- 21: 4.6538745
- 22: 3.6758086
- 23: 2.8140697
- 24: 2.0666894

### Monetary policy shocks - 90 percent confidence band
- Upper bound by month:
  - 1: 5.6695916
  - 2: 9.5834665
  - 3: 12.381399
  - 4: 18.388814
  - 5: 21.626279
  - 6: 23.906599
  - 7: 25.982022
  - 8: 26.995987
  - 9: 27.204591
  - 10: 27.012339
  - 11: 26.206756
  - 12: 24.841583
  - 13: 23.465046
  - 14: 21.98192
  - 15: 20.371191
  - 16: 18.744767
  - 17: 17.129387
  - 18: 15.240267
  - 19: 13.51653
  - 20: 12.026442
  - 21: 10.60089
  - 22: 9.4091862
  - 23: 8.2874671
  - 24: 7.2436593
- Lower bound by month:
  - 1: -0.84246788
  - 2: -0.57762535
  - 3: 1.844712
  - 4: 4.7757301
  - 5: 6.3229427
  - 6: 7.5310566
  - 7: 8.6308889
  - 8: 9.0031728
  - 9: 8.870855
  - 10: 8.4460407
  - 11: 8.1856489
  - 12: 7.7068612
  - 13: 7.0284374
  - 14: 6.2099785
  - 15: 5.534352
  - 16: 4.8505563
  - 17: 3.8736679
  - 18: 3.1427253
  - 19: 2.2873573
  - 20: 1.6599968
  - 21: 0.96046599
  - 22: 0.31027286
  - 23: -0.33237543
  - 24: -0.82960902

### Global financial shocks (response by month)
- 1: 11.415793
- 2: 16.210886
- 3: 18.660849
- 4: 19.988336
- 5: 20.459523
- 6: 20.134843
- 7: 19.241215
- 8: 18.053312
- 9: 16.646555
- 10: 15.050275
- 11: 13.355451
- 12: 11.659331
- 13: 10.012611
- 14: 8.4400798
- 15: 6.9673888
- 16: 5.6164653
- 17: 4.3985683
- 18: 3.3175111
- 19: 2.373635
- 20: 1.5639647
- 21: 0.88199522
- 22: 0.3189184
- 23: -0.13522284
- 24: -0.49111945

### Global financial shocks - 90 percent confidence band
- Upper bound by month:
  - 1: 12.649953
  - 2: 18.176445
  - 3: 21.007541
  - 4: 22.549425
  - 5: 23.512666
  - 6: 23.704936
  - 7: 23.404995
  - 8: 22.596607
  - 9: 21.623252
  - 10: 20.449746
  - 11: 19.003412
  - 12: 17.546791
  - 13: 15.909408
  - 14: 14.307579
  - 15: 12.893555
  - 16: 11.524709
  - 17: 10.03402
  - 18: 8.8328332
  - 19: 7.6685607
  - 20: 6.5570861
  - 21: 5.7914536
  - 22: 5.0135247
  - 23: 4.2311084
  - 24: 3.5514269
- Lower bound by month:
  - 1: 10.237966
  - 2: 14.286079
  - 3: 16.37733
  - 4: 17.609876
  - 5: 17.826018
  - 6: 16.924667
  - 7: 15.538281
  - 8: 14.085838
  - 9: 12.385305
  - 10: 10.557308
  - 11: 8.8522494
  - 12: 7.1578577
  - 13: 5.5581376
  - 14: 4.066769
  - 15: 2.7595777
  - 16: 1.5449735
  - 17: 0.44324948
  - 18: -0.58191754
  - 19: -1.4546838
  - 20: -2.1308394
  - 21: -2.6999947
  - 22: -3.1051654
  - 23: -3.5092257
  - 24: -3.6482316

*Source: figure3-9d (dataset)*

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_Source: https://www.imf.org/-/media/files/publications/gfsr/2017/april/figure3-9d.csv_