In the previous post, I created the figure of Japanese macroeconomic data and of impulse response functions (IRFs). I have done the same for the U.S. economy. I don't repeat my explanation and will let you think what the figures below tell us.
BTW, it's very hot today here in Japan! Be careful when going out!
Macro Data for the U.S.
IRFs
FYI: John Cochrane has very accessible lecture notes on time series analysis. Lag operator is of great importance in studying econometrics.
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