3. (35 points) You ran a bunch of VAR models to look at the transmission mechanisms of monetary policy in Chirplstan, and now you need to interpret them for the cabinet members. Unfortunately, you HAD them organized, but on your way into the meeting, Dr. Weir (who still has some severe eyesight problems) bumped into you and made you drop all of your papers, and you now have all of the impulse responses jumbled up. (a) (7.5 points) Identify this shock. Justify your answer. Output Price Level Consumption % Deviation % Deviation % Deviation 0.0 05 10 15 Investment Hours Worked Wages % Deviation GEVO Deviation 500501505 uogea Otvo Real Interest Rato Money Supply % Deviation OF GLO (b) 3. (35 points) You ran a bunch of VAR models to look at the transmission mechanisms of monetary policy in Chirplstan, and now you need to interpret them for the cabinet members. Unfortunately, you HAD them organized, but on your way into the meeting, Dr. Weir (who still has some severe eyesight problems) bumped into you and made you drop all of your papers, and you now have all of the impulse responses jumbled up. (a) (7.5 points) Identify this shock. Justify your answer. Output Price Level Consumption % Deviation % Deviation % Deviation 0.0 05 10 15 Investment Hours Worked Wages % Deviation GEVO Deviation 500501505 uogea Otvo Real Interest Rato Money Supply % Deviation OF GLO (b)