Hi! Sorry to repost it a little late.

I found irfs with respect to level shocks are around ten times larger than to volatility shocks in the form of percent deviation from s.s. in my model.

Also, the magnitudes of irfs and moments of variables under volatility shocks are easily affected. The moments are enlarged. How does it happen? I wonder if I have calculated irfs in the wrong way, or else. I am using Dynare and set the variance to 1 now. A few days ago, with the help of Prof. Pfeifer, I tried to set the size of shock, or the variance, to 0.01. But how to compute moments or IRFs in percent deviations from s.s. in this case? Sorry, I am still confused. Please give me a hand!

Thanks for any help!