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8.4. VAR ANALYSIS OF MUNDELL—FLEMING 2550.40.350.3Supply, US-UK0-0.05Demand, US-UK1 5 9 13 17 21 250.20.150.1Money, US-UK0.250.20.150.10.0501 5 9 13 17 21 25-0.1-0.15-0.2-0.250.050-0.05-0.1-0.15-0.21 5 9 13 17 21 250.20.150.10.050Supply, US-Germany1 5 9 13 17 21 250-0.05-0.1-0.15-0.2-0.25-0.3Demand, US-Germany1 5 9 13 17 21 250.30.20.10-0.1-0.2Money, US-Germany1 5 9 13 17 21 25-0.05-0.35-0.31.81.61.41.210.80.60.40.20Supply, US-Japan1 5 9 13 17 21 250-0.1-0.2-0.3-0.4-0.5-0.6-0.7-0.8-0.9Demand, US-Japan1 5 9 13 17 21 250.40.350.30.250.20.150.10.050Money, US-Japan1 5 9 13 17 21 25Figure 8.9: Structural impulse response of log real exchange rate to supply,demand, and money shocks. Row 1: US-UK, row 2: US-Germany,row 3: US-Japan.