7  Here I have used following identifying restrictions: (i) change the ordering of the variables with maintaining recursive restrictions, and (ii) assume different non-recursive restrictions. For the former assumption, I have estimated following five-variable models with different orderings: (y, e, pk, MB, 𝜋)、(MB, e, pk, y, 𝜋)、(e, pk, MB, y, 𝜋).
For the latter, the following contemporaneous restrictions were assumed in the estimation based on the main five-variable model: stock-price shock and/or inflation shock are allowed to have a contemporaneous effect on monetary base (that is, removing cotemporaneous zero restrictions from the policy response of monetary base) and MB shock and/or exchange rate shock are not allowed to have a contemporaneous effect on inflation (that is, adding these contemporaneous zero restrictions).