{
  "record_id": "irf_v64_us_cut_200_cl",
  "model": {
    "name": "global_macro",
    "engine": "global_macro_v64",
    "contract": "v6.4"
  },
  "question": "US policy rate -200bp",
  "shock": {
    "id": "us_cut_200",
    "spec": {
      "monetary": {
        "US": -200.0
      }
    },
    "units": {
      "monetary": "bp_deviation"
    },
    "held_fixed": {
      "oil": 80.0,
      "metals": 0.0,
      "risk_premium": 0.0,
      "vix": 15.0,
      "housing": {},
      "fiscal": {},
      "tfp": {},
      "bank_equity": {},
      "equity": {},
      "sovereign_spread": {},
      "bilateral_tariffs": []
    }
  },
  "country": {
    "iso2": "CL",
    "name": "Chile"
  },
  "horizon": {
    "freq": "Q",
    "n": 20
  },
  "series": {
    "Y": {
      "unit": "pct_dev_from_baseline",
      "path": [
        0.001782,
        0.002547,
        0.0046,
        0.008248,
        0.013529,
        0.019976,
        0.027032,
        0.03438,
        0.039951,
        0.043504,
        0.044742,
        0.043772,
        0.040867,
        0.036379,
        0.030706,
        0.02427,
        0.017497,
        0.010783,
        0.004473,
        -0.001152
      ]
    },
    "C": {
      "unit": "pct_dev_from_baseline",
      "path": [
        0.002228,
        0.00395,
        0.00455,
        0.005075,
        0.006435,
        0.008819,
        0.011989,
        0.01564,
        0.018014,
        0.019387,
        0.020025,
        0.020056,
        0.019474,
        0.018243,
        0.016363,
        0.013905,
        0.011002,
        0.007831,
        0.004585,
        0.001452
      ]
    },
    "pi_cpi": {
      "unit": "pp_dev",
      "path": [
        -0.017374,
        -0.026229,
        -0.021782,
        -0.015521,
        -0.011149,
        -0.00915,
        -0.009015,
        -0.010084,
        -0.001807,
        0.006932,
        0.013137,
        0.016402,
        0.017237,
        0.016352,
        0.014389,
        0.011855,
        0.009123,
        0.006451,
        0.004011,
        0.001897
      ]
    },
    "i": {
      "unit": "pp_dev",
      "path": [
        -0.012509,
        -0.030218,
        -0.042244,
        -0.047276,
        -0.0475,
        -0.045476,
        -0.043121,
        -0.041563,
        -0.034096,
        -0.020997,
        -0.005133,
        0.01055,
        0.02395,
        0.03392,
        0.040095,
        0.042644,
        0.042061,
        0.039003,
        0.034172,
        0.028236
      ]
    },
    "RER": {
      "unit": "pct_dev_from_baseline",
      "path": [
        -0.089097,
        -0.183136,
        -0.23469,
        -0.266023,
        -0.291488,
        -0.319042,
        -0.352508,
        -0.393415,
        -0.39072,
        -0.362951,
        -0.322559,
        -0.277631,
        -0.23322,
        -0.192312,
        -0.156514,
        -0.126517,
        -0.102391,
        -0.083819,
        -0.07025,
        -0.061037
      ]
    },
    "P_H": {
      "unit": "pct_dev_from_baseline",
      "path": [
        0.00055,
        0.001556,
        0.003076,
        0.005186,
        0.008007,
        0.011631,
        0.016095,
        0.021404,
        0.027088,
        0.032677,
        0.037746,
        0.041977,
        0.045162,
        0.04719,
        0.048028,
        0.047712,
        0.046333,
        0.044028,
        0.040963,
        0.037325
      ]
    },
    "Q_B": {
      "unit": "pct_dev_from_baseline",
      "path": [
        0.052122,
        0.12591,
        0.176016,
        0.196985,
        0.197917,
        0.189484,
        0.179672,
        0.173179,
        0.142066,
        0.087487,
        0.052484,
        -0.04396,
        -0.099791,
        -0.141335,
        -0.167064,
        -0.177684,
        -0.175256,
        -0.162514,
        -0.142384,
        -0.117648
      ]
    },
    "equity": {
      "unit": "pct_dev_from_baseline",
      "path": [
        0.019785,
        0.047203,
        0.082827,
        0.125446,
        0.173874,
        0.226342,
        0.281347,
        0.338087,
        0.280982,
        0.229371,
        0.182277,
        0.139796,
        0.102165,
        0.069481,
        0.041692,
        0.018637,
        9.5e-05,
        -0.014194,
        -0.024534,
        -0.031254
      ]
    },
    "y2": {
      "unit": "pp_dev",
      "path": [
        -0.038739,
        -0.041437,
        -0.040284,
        -0.035645,
        -0.028417,
        -0.019486,
        -0.009561,
        0.000841,
        0.011367,
        0.020886,
        0.028386,
        0.0333,
        0.03551,
        0.035243,
        0.032925,
        0.029073,
        0.024212,
        0.018831,
        0.013351,
        0.00811
      ]
    },
    "y5": {
      "unit": "pp_dev",
      "path": [
        -0.003775,
        -0.002059,
        0.000221,
        0.002797,
        0.005348,
        0.007674,
        0.009706,
        0.011474,
        0.013063,
        0.014219,
        0.014697,
        0.01439,
        0.013333,
        0.011659,
        0.009553,
        0.007213,
        0.004825,
        0.002545,
        0.000495,
        -0.001242
      ]
    },
    "y10": {
      "unit": "pp_dev",
      "path": [
        -0.003196,
        -0.002835,
        -0.002007,
        -0.000858,
        0.000435,
        0.001747,
        0.003018,
        0.004238,
        0.005424,
        0.006426,
        0.007102,
        0.00738,
        0.007265,
        0.006812,
        0.006106,
        0.005243,
        0.004311,
        0.00339,
        0.00254,
        0.001806
      ]
    },
    "N": {
      "unit": "pct_dev_from_baseline",
      "path": [
        0.0,
        7.6e-05,
        0.000406,
        0.001207,
        0.002672,
        0.004858,
        0.00769,
        0.011039,
        0.014769,
        0.018615,
        0.022214,
        0.025227,
        0.02739,
        0.028525,
        0.028547,
        0.027462,
        0.025357,
        0.022385,
        0.018747,
        0.014671
      ]
    },
    "w": {
      "unit": "pct_dev_from_baseline",
      "path": [
        0.0,
        -0.002334,
        -0.007703,
        -0.014835,
        -0.022414,
        -0.029608,
        -0.036054,
        -0.041708,
        -0.046702,
        -0.049897,
        -0.050349,
        -0.047691,
        -0.042088,
        -0.034059,
        -0.024311,
        -0.013605,
        -0.002664,
        0.007882,
        0.017528,
        0.025903
      ]
    },
    "I": {
      "unit": "pct_dev_from_baseline",
      "path": [
        0.023754,
        0.05323,
        0.078333,
        0.097744,
        0.114581,
        0.130869,
        0.147824,
        0.166474,
        0.169216,
        0.157605,
        0.135027,
        0.1066,
        0.07641,
        0.047243,
        0.020822,
        -0.001887,
        -0.020433,
        -0.034703,
        -0.044834,
        -0.051101
      ]
    },
    "K": {
      "unit": "pct_dev_from_baseline",
      "path": [
        0.000119,
        0.000385,
        0.000777,
        0.001265,
        0.001838,
        0.002493,
        0.003232,
        0.004064,
        0.00491,
        0.005698,
        0.006373,
        0.006906,
        0.007288,
        0.007525,
        0.007629,
        0.007619,
        0.007517,
        0.007344,
        0.007119,
        0.006864
      ]
    },
    "Q": {
      "unit": "pct_dev_from_baseline",
      "path": [
        0.016628,
        0.037261,
        0.054833,
        0.068421,
        0.080207,
        0.091609,
        0.103477,
        0.116532,
        0.118451,
        0.110323,
        0.094519,
        0.07462,
        0.053487,
        0.03307,
        0.014576,
        -0.001321,
        -0.014303,
        -0.024292,
        -0.031384,
        -0.035771
      ]
    },
    "G": {
      "unit": "pct_dev_from_baseline",
      "path": [
        -0.000312,
        -0.00042,
        -0.000682,
        -0.001113,
        -0.001695,
        -0.002371,
        -0.003094,
        -0.003844,
        -0.004281,
        -0.004427,
        -0.004317,
        -0.004016,
        -0.003575,
        -0.003033,
        -0.002421,
        -0.00177,
        -0.001112,
        -0.000481,
        9.4e-05,
        0.000588
      ]
    },
    "B": {
      "unit": "pct_dev_from_baseline",
      "path": [
        0.0,
        3.8e-05,
        0.00021,
        0.000639,
        0.001452,
        0.002713,
        0.004424,
        0.00655,
        0.009043,
        0.011781,
        0.014574,
        0.017223,
        0.019548,
        0.021401,
        0.02267,
        0.023292,
        0.023249,
        0.022567,
        0.021306,
        0.01956
      ]
    },
    "NX": {
      "unit": "pct_dev_from_baseline",
      "path": [
        -0.013525,
        -0.027655,
        -0.035404,
        -0.040073,
        -0.043784,
        -0.047733,
        -0.052532,
        -0.058446,
        -0.057669,
        -0.053067,
        -0.046621,
        -0.039627,
        -0.03287,
        -0.02679,
        -0.021599,
        -0.017368,
        -0.014073,
        -0.01164,
        -0.00996,
        -0.00892
      ]
    },
    "pi": {
      "unit": "pp_dev",
      "path": [
        -0.012162,
        -0.01836,
        -0.015248,
        -0.010865,
        -0.007805,
        -0.006405,
        -0.00631,
        -0.007059,
        -0.001265,
        0.004852,
        0.009196,
        0.011481,
        0.012066,
        0.011446,
        0.010073,
        0.008299,
        0.006386,
        0.004516,
        0.002808,
        0.001328
      ]
    },
    "mc": {
      "unit": "pct_dev_from_baseline",
      "path": [
        0.001069,
        0.001529,
        0.002766,
        0.004964,
        0.008148,
        0.012037,
        0.016295,
        0.02073,
        0.024098,
        0.026254,
        0.027013,
        0.026439,
        0.024695,
        0.021992,
        0.018571,
        0.014689,
        0.010601,
        0.006548,
        0.002737,
        -0.000661
      ]
    },
    "unemployment": {
      "unit": "pp_dev",
      "path": [
        -0.000187,
        -0.000408,
        -0.000789,
        -0.001458,
        -0.002514,
        -0.003983,
        -0.005825,
        -0.007979,
        -0.010179,
        -0.012202,
        -0.01385,
        -0.014983,
        -0.015529,
        -0.015466,
        -0.014824,
        -0.013666,
        -0.012087,
        -0.010197,
        -0.008118,
        -0.005967
      ]
    },
    "credit_supply": {
      "unit": "pct_dev_from_baseline",
      "path": [
        0.0,
        1e-06,
        6e-06,
        1.6e-05,
        3.5e-05,
        6.4e-05,
        0.000101,
        0.000146,
        0.000198,
        0.000253,
        0.000306,
        0.000352,
        0.00039,
        0.000415,
        0.000428,
        0.000429,
        0.000419,
        0.000399,
        0.000372,
        0.00033
      ]
    },
    "lending_spread": {
      "unit": "pp_dev",
      "path": [
        0.0,
        0.0,
        0.0,
        0.0,
        0.0,
        0.0,
        0.0,
        0.0,
        0.0,
        0.0,
        0.0,
        0.0,
        0.0,
        0.0,
        0.0,
        0.0,
        0.0,
        0.0,
        0.0,
        0.0
      ]
    },
    "gdp_services": {
      "unit": "pct_dev_from_baseline",
      "path": [
        0.001078,
        0.001541,
        0.002783,
        0.00499,
        0.008185,
        0.012085,
        0.016355,
        0.0208,
        0.02417,
        0.02632,
        0.027069,
        0.026482,
        0.024725,
        0.022009,
        0.018577,
        0.014684,
        0.010586,
        0.006524,
        0.002706,
        -0.000697
      ]
    },
    "gdp_manufacturing": {
      "unit": "pct_dev_from_baseline",
      "path": [
        0.02705,
        0.055361,
        0.07105,
        0.080791,
        0.088857,
        0.097586,
        0.108097,
        0.120851,
        0.12019,
        0.111732,
        0.099295,
        0.0854,
        0.071621,
        0.058882,
        0.047677,
        0.038224,
        0.030556,
        0.024594,
        0.020189,
        0.017162
      ]
    },
    "r": {
      "unit": "pp_dev",
      "path": [
        -0.003127,
        -0.007555,
        -0.010561,
        -0.011819,
        -0.011875,
        -0.011369,
        -0.01078,
        -0.010391,
        -0.008524,
        -0.005249,
        -0.001283,
        0.002638,
        0.005987,
        0.00848,
        0.010024,
        0.010661,
        0.010515,
        0.009751,
        0.008543,
        0.007059
      ]
    },
    "bank_equity": {
      "unit": "pct_dev_from_baseline",
      "path": [
        0.0,
        3e-06,
        1.7e-05,
        4.9e-05,
        0.000107,
        0.000194,
        0.000307,
        0.000443,
        0.000599,
        0.000765,
        0.000926,
        0.001068,
        0.00118,
        0.001258,
        0.001297,
        0.0013,
        0.00127,
        0.00121,
        0.001127,
        0.000999
      ]
    },
    "vix": {
      "unit": "index_level",
      "path": [
        15.0,
        15.000107,
        15.000515,
        15.001392,
        15.002846,
        15.004785,
        15.007002,
        15.00934,
        15.011716,
        15.013845,
        15.01535,
        15.016022,
        15.015836,
        15.01489,
        15.013346,
        15.01139,
        15.009197,
        15.006924,
        15.004698,
        15.002615
      ]
    },
    "y3m": {
      "unit": "pp_dev",
      "path": [
        -0.012509,
        -0.030218,
        -0.042244,
        -0.047276,
        -0.0475,
        -0.045476,
        -0.043121,
        -0.041563,
        -0.034096,
        -0.020997,
        -0.005133,
        0.01055,
        0.02395,
        0.03392,
        0.040095,
        0.042644,
        0.042061,
        0.039003,
        0.034172,
        0.028236
      ]
    },
    "y30": {
      "unit": "pp_dev",
      "path": [
        0.0001,
        0.000204,
        0.000457,
        0.000813,
        0.001213,
        0.001616,
        0.002004,
        0.002374,
        0.002731,
        0.003026,
        0.003213,
        0.003267,
        0.00319,
        0.002999,
        0.002725,
        0.002398,
        0.002047,
        0.0017,
        0.001375,
        0.00109
      ]
    },
    "Q_B_3m": {
      "unit": "pct_dev_from_baseline",
      "path": [
        0.003127,
        0.007555,
        0.010561,
        0.011819,
        0.011875,
        0.011369,
        0.01078,
        0.010391,
        0.008524,
        0.005249,
        0.001283,
        -0.002638,
        -0.005987,
        -0.00848,
        -0.010024,
        -0.010661,
        -0.010515,
        -0.009751,
        -0.008543,
        -0.007059
      ]
    },
    "Q_B_2y": {
      "unit": "pct_dev_from_baseline",
      "path": [
        0.073603,
        0.07873,
        0.07654,
        0.067726,
        0.053992,
        0.037023,
        0.018166,
        -0.001598,
        -0.021597,
        -0.039684,
        -0.053934,
        -0.063269,
        -0.06747,
        -0.066962,
        -0.062558,
        -0.055238,
        -0.046002,
        -0.035779,
        -0.025368,
        -0.015408
      ]
    },
    "Q_B_5y": {
      "unit": "pct_dev_from_baseline",
      "path": [
        0.016988,
        0.009266,
        -0.000994,
        -0.012585,
        -0.024068,
        -0.034534,
        -0.043678,
        -0.051634,
        -0.058783,
        -0.063983,
        -0.066134,
        -0.064754,
        -0.059998,
        -0.052465,
        -0.042988,
        -0.032459,
        -0.021713,
        -0.011454,
        -0.002229,
        0.005587
      ]
    },
    "Q_B_10y": {
      "unit": "pct_dev_from_baseline",
      "path": [
        0.026204,
        0.023251,
        0.016461,
        0.007034,
        -0.003566,
        -0.014323,
        -0.02475,
        -0.034754,
        -0.044479,
        -0.052695,
        -0.058234,
        -0.060517,
        -0.059571,
        -0.055857,
        -0.050073,
        -0.042992,
        -0.035354,
        -0.027798,
        -0.02083,
        -0.014811
      ]
    },
    "Q_B_30y": {
      "unit": "pct_dev_from_baseline",
      "path": [
        -0.001796,
        -0.003665,
        -0.008229,
        -0.014635,
        -0.02183,
        -0.02909,
        -0.036073,
        -0.042723,
        -0.049155,
        -0.054475,
        -0.057832,
        -0.058804,
        -0.057411,
        -0.053991,
        -0.049051,
        -0.043156,
        -0.036848,
        -0.030592,
        -0.024758,
        -0.019613
      ]
    },
    "NEER": {
      "unit": "pct_dev_from_baseline",
      "path": [
        -0.015495,
        0.025213,
        0.069358,
        0.100826,
        0.130508,
        0.163727,
        0.202606,
        0.247706,
        0.285213,
        0.295508,
        0.288716,
        0.271524,
        0.248441,
        0.222551,
        0.195976,
        0.170147,
        0.14597,
        0.123973,
        0.1044,
        0.087329
      ]
    },
    "USD": {
      "unit": "pct_dev_from_baseline",
      "path": [
        -0.09544,
        -0.206879,
        -0.290206,
        -0.369816,
        -0.4612,
        -0.572672,
        -0.7078,
        -0.867397,
        -0.942271,
        -0.957873,
        -0.932948,
        -0.881421,
        -0.813691,
        -0.737502,
        -0.658563,
        -0.580976,
        -0.507533,
        -0.440004,
        -0.379331,
        -0.325917
      ]
    },
    "P_energy": {
      "unit": "USD/bbl (level)",
      "path": [
        80.0,
        80.002144,
        80.010295,
        80.027836,
        80.056918,
        80.095706,
        80.140045,
        80.1868,
        80.234312,
        80.276906,
        80.307003,
        80.320448,
        80.316722,
        80.297795,
        80.266925,
        80.227794,
        80.183946,
        80.13849,
        80.093962,
        80.052303
      ]
    },
    "P_metals": {
      "unit": "index (level)",
      "path": [
        100.0,
        100.000824,
        100.003947,
        100.010634,
        100.021635,
        100.036185,
        100.052676,
        100.069909,
        100.087241,
        100.102553,
        100.113069,
        100.117314,
        100.115151,
        100.10734,
        100.095105,
        100.079826,
        100.062843,
        100.045348,
        100.028324,
        100.012534
      ]
    },
    "P_food": {
      "unit": "index (level)",
      "path": [
        100.0,
        100.00116,
        100.005682,
        100.015637,
        100.032442,
        100.055423,
        100.082541,
        100.112038,
        100.142789,
        100.171621,
        100.194208,
        100.207701,
        100.211058,
        100.204662,
        100.189833,
        100.168405,
        100.142402,
        100.113813,
        100.084441,
        100.055819
      ]
    },
    "P_gas": {
      "unit": "USD/mmBtu (level)",
      "path": [
        4.0,
        4.000162,
        4.000779,
        4.002108,
        4.004316,
        4.007267,
        4.010648,
        4.014223,
        4.017866,
        4.021144,
        4.023475,
        4.024538,
        4.024289,
        4.022878,
        4.020553,
        4.017596,
        4.014277,
        4.010831,
        4.007452,
        4.004284
      ]
    },
    "P_copper": {
      "unit": "index (level)",
      "path": [
        100.0,
        100.000669,
        100.003195,
        100.008592,
        100.017469,
        100.029195,
        100.042457,
        100.056293,
        100.070204,
        100.082465,
        100.090816,
        100.094093,
        100.092235,
        100.0859,
        100.076103,
        100.063962,
        100.050541,
        100.036767,
        100.023397,
        100.011006
      ]
    },
    "P_wheat": {
      "unit": "index (level)",
      "path": [
        100.0,
        100.000621,
        100.002985,
        100.008044,
        100.016338,
        100.027276,
        100.039631,
        100.052458,
        100.065225,
        100.076351,
        100.083778,
        100.086388,
        100.084062,
        100.077378,
        100.067294,
        100.054914,
        100.041323,
        100.027494,
        100.014232,
        100.002158
      ]
    },
    "P_gold": {
      "unit": "USD/oz (level)",
      "path": [
        2002.527916,
        2006.101227,
        2010.209481,
        2014.939246,
        2020.177314,
        2025.827847,
        2031.830384,
        2038.143764,
        2030.329703,
        2023.494922,
        2017.623222,
        2012.703743,
        2008.706634,
        2005.575896,
        2003.232258,
        2001.580051,
        2000.51482,
        1999.930646,
        1999.725641,
        1999.806254
      ]
    }
  },
  "summary": {
    "GDP_peak_pct": 0.0447,
    "GDP_peak_quarter": 11,
    "CPI_3yr_pp": -0.0856,
    "CPI_3yr_definition": "sum of quarterly pi_cpi IRF over Q1\u2013Q12",
    "equity_peak_pct": 0.3381,
    "equity_peak_quarter": 8
  },
  "qa_checks": {
    "json_matches_peaks": true,
    "complete_q1_q20": true,
    "no_nan": true,
    "rer_sign": "increase=real_depreciation",
    "ok": true,
    "reasons": []
  }
}