Estimate a reduced form model of the above four or five variables, impose constraints for structural model identification, and estimate a structural model. Then estimate how an increase in one unit of an identified monetary base shock, changes of 1 percent, influences variables within the model over time, that is, a dynamic effect.
That can be obtained as an impulse function of a monetary base shock on each variable. Empirical results Appendix Charts 1 and 2 illustrate the dynamic effect of a monetary base shock on each variable, that is, an estimated value of impulse response.