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. 2022 Feb 9;129:S35–S51. doi: 10.1016/j.jmoneco.2022.02.004

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Fig. 4 — COVID-19 Baseline Scenario in Simulated Model. Notes: The left (right) column shows the effect on output (inflation) in the coming 12 months (as expected in the impact period). Top row: expected effect and $\pm$ standard deviation bands of the effect. Bottom row: standard deviation of the shock’s effect. Supplementary Material D reports the expected response of other model variables.