Who Is Walking Who?

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It's a graphic new handling of Gene Fama's Does the Fed Control Interest Rates? paper, from the Booth school's Capital Ideas magazine, past times Eric Cochrane (yes, we're related). If it appears squished, run a broad browser window. The fine art is amend inwards the printed form. 

Eric captured cointegration too fault correction, too Gene's regressions of brusk too long-term involvement rates, cleverly alongside the story. Does Sally arrive at got Lucy for a walk, or is Lucy actually leading Sally around?  Well, when Lucy goes off hunting for a squirrel, who too hence moves to grab up?