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The issue and some notation
The linear backwardlooking case
6 other sections not shown
20 Periods 35 Figure ALTISSIMO Banca d'Italia Bank of Italy business cycle channels of transmission D. J. MARCHETTI dashed December discretionary component dotted Econometric effects associated effects of monetary effects that transit endogenous variables equation euro area European Economic Review exact decomposition exogenous expectations formation flag variable FOCARELLI FORNARI forward-looking expectations GAMBACORTA impact multiplier individual channel Ireland isolated sub-block j-th channel matches the overall matrix Mauskopf and Siviero Mauskopf-Siviero 1994 monetary policy reaction monetary policy rule monetary policy shock monetary policy transmission n x n nominal money October output overall effect Panetta parameters Periods after shock Phillips curve policy instrument policy interest rate policy reaction function policy transmission channels policy variable quantified Rational Expectations RB ch RB channel real balance real money balances saddle point SBRACIA Section simulation solution total effect transmission mechanism transmission of monetary Unconstr unexplained residual various channels vector