Page 38 - Azerbaijan State University of Economics

Vugar Rahimov, Nigar Jafarova: The Exchange Rate Pass-Through to Aggregate
Consumer Price Index and Its Components In Azerbaijan

Figure 4b: Accumulated response of Food CPI to Cholesky one standard
deviation innovations ± 1 S.E.

Accumulated response of food CPI to oil Accumulated response of food CPI to foreign
revenue shock inflation shock
3 3

2,5 2,5

2 2

1,5 1,5

1 1

0,5 0,5

0 0
1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12

Accumulated response of food CPI to exchange Accumulated response of food CPI to its own
rate shock shock

0 4
1 2 3 4 5 6 7 8 9 10 11 12
-0,8 3,2

2,4
-1,6

1,6
-2,4

0,8
-3,2
0
-4 1 2 3 4 5 6 7 8 9 10 11 12

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