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% Deviation 10 0 10 20 30 Months Government Spending Months % Deviation 5 0 5 10 50 Months P 20 Basis Points Money Base

% Deviation 10 0 10 20 30 Months Government Spending Months % Deviation 5 0 5 10 50 Months P 20 Basis Points Money Base Months 100 150 a 10 Year Treasury Yield Months % Deviation 20 1.0 % Deviation Real GDP Figure 2: Impulse Responses PCE Index

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