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after calibrating the model to the euro area against the rest of the industrial world. First, greater competition produces … market conditions. Third, increased competition can generate positive spillovers to the rest of the world through its impact …
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We investigate how bank migration across state lines over the last quarter century has affected the size and covariance of business fluctuations within states. Starting with a two-state version of the unit banking model in Holmstrom and Triocole (1997), we conclude that the theoretical effect of...
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