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Economies of scale in banking, confidence shocks, and business cycles

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Figure

Table 1: Calibrated Parameter Values
Figure 1: Pairs of value added to …nancial intermediation and � which deliver indeterminateand determinate equilibria for the benchmark model.
Figure 2: Impulse responses to a one percent increase in the monetary base (M Shock) and the reduced-form sunspot shock(S Shock)
Figure 3: Impulse responses to a one percent increase in technology (Z Shock). The Y-axes denote percentage changes fromsteady state
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