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_ V _ actual inflation aggregate demand Analysis Angeloni ARCH 7 F Banca d'Italia Bank of Italy capacity utilization channels of monetary cointegrating covariance matrix depreciation discount rate discussed Econometric Economic Bullettin effect of monetary empirical literature endogenous estimated evidence Exchange rate Three-month exogenous expected inflation fiscal constraint fiscal dominance fiscal imbalances Gaiotti and Nicoletti Gavosto impulse responses Inflazione interest rate Isco survey Italian Kumah Lane and Prati Marchetti measure mimeo monetary policy effectiveness monetary policy transmission Monetary Transmission Nicoletti Altimari 1996 paper percentage points Phillips curve policy to inflation price expectations profit margins public debt quarterly model rate Import prices rate Three-month rate rational expectations recent response of inflation Sabbatini Servizio Studi Sestito Smets Spaventa Taylor rule Temi di discussione transmission in Italy transmission lags Transmission Mechanism transmission of monetary unemployment variables vector Visco wage indexation