Average Real Import and IP IRFs Compared in Months 1–12 for Manufacturing Industries, by BLS Durable-Nondurable Bins, with Underlying IRF Estimation at the Three- or Four-Digit NAICS Level
Cumulative IRF for months 1–12. Flow data at the three- or four-digit NAICS level, aggregated up to BLS durable-nondurable bins for manufacturing industries using output weights from the Fed's US 2002 makeuse table. Sample is 1989:1–2012:2. Imports from USITC dataweb, deflated by CPI; IP from Fed G.17; all other data as in Bloom (2009), updated. Uncertainty shocks for quadvariate VARs. Ordering is stock market, volatility, log employment, followed by either log real imports or log IP. Data updated through February 2012. No rescaling of shocks. See text and appendix.
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