*5.2. The βE-Coefficient*

We chose to calculate the β<sup>E</sup> *coefficient* over 9 months. Examining the phase plot for the period 1989M1 to 1992M10 in Figure 2e and following the βE(9) from left to right during the same time window in Figure 2a, the β<sup>E</sup> will first show a small positive peak, then after 1990 a sharp negative peak and last a horizontal "no change" trend.
