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Figure 1: Model and Data Impulse Responses

5 10 15 20-0.2

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Figure 3: AR(1) Money Growth, Flexible Prices, Flexible Wages

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Figure 4: Textbook Growth Model Specification, No Captital Utilization, No Investment Adjustment Costs, No Habit Persistence

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Figure 5: lambdaf = 1.05, static indexation (optimized)

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