2. Model 2
In Model 1, it is inferred that the rise in CPI of uncertainty shock may be related to the rise in import prices caused by the rise in the exchange rate. Thus, in Model 2, we will analyze the variables by replacing them with exchange rates(KER) instead of KOSPI.  It will also replace GDP with unemployment rate(KUN) to determine the impact of uncertainty on unemployment.
[Fig3] shows that impulse response functions of variables after estimating SVAR by changing the KOSPI index to exchange rate (KER) variable in Model 1 and the GDP variable to the unemployment rate (KUN) variable. First of all, the exchange rate showed an increasing response due to the impact of global uncertainty. This is consistent with the results expected in Model 1. The response function of CPI is also similar to that of Model 1. Responses to the KU shock also showed the same direction as global uncertainties, but the volatility of unemployment is higher and recovery tends to very slow. 
\[y_t=[gu_t,ku_t,ker_t,kun_t,kcpi_t]\]