Hi,

This might be a really basic question for some of you but I have been looking up how to interpret impulse responses but most of the answers that were presented did not quantify the responses but rather explained how the variables responded to structural shocks.

In my model, I want to interpret the shocks in Oil prices to Real GDP. Due to the series being integrated of order (I), I logged these variables and then first differenced them. However, after generating the impulse response functions, I am having trouble with the interpretation and whether or not the result is significant. For this example, I want to examine the impact of an oil price shock to real GDP? Does it mean, a 1% point increase in oil prices leads to _ _ _ % point increase/decrease in GDP?

Code:
quietly var Dlprod Dlrea Dlop Dlrgdp Dinf Dlexc, lags(1)
irf create Dvar1, set (Dvar1) step(8)
irf graph oirf, impulse(Dlop) response(Dlrgdp)
These are the variables.

Code:
* Example generated by -dataex-. To install: ssc install dataex
clear
input float(quarter Dlprod Dlrea Dlop Dlrgdp Dinf Dlexc)
 80           .          .          .          .           .          .
 81  -3.5614014   21.27188   -.366044  -4.316902    2.503651 -.08628368
 82   -1.580906 -9.3294115  -8.054447  -2.895641   2.0455003 -2.0701766
 83   -3.905678  11.385426  17.828773   8.399487    .8228207  3.7534475
 84    2.488899 -3.9214146 -4.7052145  -1.137352     1.62337   6.241119
 85  -2.1674156 -17.736504 -10.607576 -2.2613525   -.7381243   6.047547
 86   -4.679394  -20.63615  -5.337715 -1.5737534   -.4310148   6.826341
 87    .1235962  -7.688273   5.288005   5.860233  -1.1944033 -4.1271687
 88  -1.5400887  -12.69482  -8.884788  -1.995945  -.48498535  1.9032836
 89  -2.8642654   .7563127  4.5670033  -2.524471   -.8472849   2.091241
 90   2.0044327  -37.88605  -.9387732  -.9765625  -.19893816   8.882523
 91    2.977276  13.620292  -.6835461   6.259918    .7637694   7.321393
 92   -7.004642  10.261118   -8.00426  -.9399414   -1.834847  -.5073905
 93    2.050209  1.1093835  1.0914087   .7008553   -.6644893   .8375525
 94    4.874039 -20.986546   2.732563 -1.7912865  -1.3179516  3.2039404
 95    .1842499   6.094514 -4.5812845   6.514645   -.5009662  1.3346195
 96  -.27475357   3.264539  1.0084867    .942421    -.979468   2.453232
 97    .5511284   5.624531  .27327538 -2.0303726   .16417363   .6761789
 98  -1.7630577  -9.404474 -4.0613413  2.0859718   -.3391408   7.764363
 99   .28762817   7.612477 -2.3606777   4.980183   -.1692508   5.618048
100   -.3787041  -5.470981  -.4496574  1.1543274  -.27414608   5.679584
101  -2.3112297 -1.1720886 -1.5342474  -3.608227   .06894309  -5.182862
102    .2131462  -25.89348   .5304575  1.8979073  .019889154  -6.399655
103    6.078339  16.199266  3.5532236   6.870365   -.1504912  -6.899428
104  -1.2742996  -11.91052   -49.2239  -2.629471    .1398328  -6.177926
105   1.4677048 -17.468552  -32.13961 -.57058334   .28220645  1.1311531
106   2.0018578  -5.437137          0 -.07314682   1.9575448 -.21862984
107   -2.536392  17.804308  16.257263   7.444286    .7993081  1.1133432
108  -1.9616127  12.202985  19.018364  -4.241371   1.1553462  -5.986404
109    .6961823  15.999536   3.786588   .3426552   -.2632084 -4.7186255
110    5.217457    .171016   2.946901  -3.904152    -1.80022  .28271675
111   -.3912926  13.320133  -6.451511   9.070873   -.4852419  -3.897548
112   -1.266098   23.66103 -11.970901 -3.8051605   -.3382464 -1.6815186
113   .48418045  -8.147742   2.114606  -3.488922  -.05461295 -1.7273188
114   1.7139435 -12.503026 -13.296938  -.9062767   -.4068208   8.864713
115   4.4962883  14.290818  -6.906033   6.791592   -.5988197  -3.344822
116   -4.605198  10.090512  25.841665  -5.028057  -1.3222104   1.683426
117    .8478165 -1.9887235   8.156276  2.2555351 -.016248424  4.1544795
118    1.911831 -11.435586  -5.910301 -2.4207115    -.159935   .4276037
119   2.1557808  11.969423   7.254767   7.222748  -.21699703 -2.7472496
120  -.12311935   -.435745   3.893995  -2.434349  .064706445 -4.6969533
121   -.3965378 -20.244116 -20.725727 -2.5891304   -.5352536  -.6798387
122   -3.584957 -13.706973   48.35284 -1.1367798 -.026493566  -5.305231
123    2.464962  11.673787  18.918371    8.31728    .7205932  -4.859436
124    .0743866  17.598938  -44.57832   -3.19252    -.624119  1.8657684
125  -2.3163795   4.360292  -7.966495  1.3855934  -.09950262  12.299943
126   1.5841484  -8.160953   5.793595  -2.881718   -.3029495   .8721352
127   1.1842728    3.26201  2.2568226   6.528664   -.9227142  -6.388617
128   -.5056381 -17.664976  -12.64615    .262928    -.235843  -.5768895
129   -1.706028 -10.726147   11.71906 -3.0332565   .08376388  -.6651998
130   .55150986 -12.648213  1.5793324   .8387566  -.11639638  -8.576798
131   1.4642715  12.127905  -5.341005   5.217743  -.06327721   9.891403
132  -.08001328  11.635007  -5.233955  -3.020191    .3614076   8.356285
133  -1.7170906  13.089548 .018525124 -1.2756348   -.1864905  -1.551175
134    .6093025 -10.519378    -10.499   1.605034  -.26853305   5.739963
135    .9690285  -7.333334  -7.940865   9.344959  -.16460283  1.0073781
136    .7410049 -10.070403  -7.587433  -4.366684   -.7418476  1.5948415
137  -.29649734  15.256085  15.959454    .847435  -.26816398  -3.184819
138   .15182495   6.766533  4.6827316  -2.486992    .5646817  -5.193007
139    1.778221  24.672945  -2.654672   9.761047    .2017622 -1.6186953
140  -.10061264   8.848517  3.6661625  -2.917862    .9194045 -3.2115936
141    .3125191   4.494567   5.387354 -3.1635284  .033250786 -4.4647813
142    .9683609  -6.959984  -10.04212   2.602291   -.3688772  1.0604978
143    .3537178 -19.592417  3.2122374   7.105446   -.1604253  -.3875852
144    .7936478 -13.858634   7.578969 -1.1328697   -1.267848  2.1550179
145 -.010108948  -5.717646   6.210089 -3.0052185   .09279093  1.8499613
146     .338459  -24.72658    5.70159  2.9580116    .3933002  -1.876986
147   1.6378403  21.819086  11.149788   4.030895    .3908738   .3127813
148   1.0835648    7.81161  -8.976126 -1.7730713    1.288968    2.99412
149   -.0919342 -10.347562 -13.125277   3.354168   -.3671627   6.529093
150    .6411552 .016839333    .897336 -2.5523186   -.4056301   5.278087
151   1.3442993  -3.587861   .9778738    7.63483  -.06284544  -4.578638
152   1.8574715 -17.088844  -28.53258  -1.279831  -.07036417   5.636358
153   -.7968903 -10.757398  -6.439734  -2.697754   .08619802  -.3437281
154  -1.6814232  -13.08358 -2.1053314  -2.005291   .04336648   1.630497
155    .5273819  10.483965 -9.2877865   6.525898   .03437156 -1.9602537
156    .7332802  -6.893462   -1.75941  -2.033615  -.06871117  2.2954226
157  -3.0688286  13.174582   31.97281 -2.3492813   .22185943  1.7477036
158   1.0526657   5.977685   24.31948  1.3630867  -.42495185   .5753994
159    .3252983   23.65044  15.230894   7.452679     .635814   .6227255
160    1.356125   7.981205   11.15718 -.06017685   .20604932   4.070139
161    1.726532  10.235437  .56197643   -6.03199   .02448303   6.567001
162   1.7752647  1.8265775  11.014366   .8555412    .5073769  1.9916296
163    .9736061    1.66046  -.7164478   6.538296   -.3121837   3.298044
164  -1.1986732 -11.228832 -12.935114  -.5785942    .4127289 -4.0249586
165  -2.3813248  -6.635313  2.4876595 -4.5614243    .4161568   3.201628
166    .9342194     -31.22  -5.828905  1.0370255    -1.38022 -2.0018816
167   -.3803253 -16.602625 -26.657724   6.894302  -.54820776 -1.0724306
168  -1.3516426   11.97133    8.00693  -4.633999   -.9773316  .09560585
169   -.4775047   4.733926  18.611122  2.1159172  -.56555325  -8.499837
170    .8533478   1.797579   6.651235  -3.976345    .9514818  -8.406281
171   1.8037796   34.65791  -.7452488   7.687569    .8089243  -2.767825
172    .8569717  14.711061  15.875292  -2.139473    2.376654  -3.637564
173   -.6990433  21.599167 -16.814756  -4.574585   -2.358829  -.6904006
174    .8543015   7.306918    6.91607  1.1060715   -.3375081   4.578185
175   2.9878616   63.04437   3.383112   6.490231   -.6932737    -5.8622
176    .9285927  19.107704   9.015703  1.4725685   -2.642757  -.1775503
177   .26216507  -38.24028  10.330415  -3.930473   2.2560117  -.6779671
178   1.3513565   10.88041  12.952352 -1.8507004    .3781398  .04857779
179    .5133629  23.166685   5.228329   8.005524  .035423394   -8.03665
end
format %tq quarter

Thank you.