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This thesis investigates the role of institutions in shaping macroeconomic phenomena. The first two chapters focus on financial institutions, formalizing interactions between information and competition in frictional credit markets and providing novel predictions for output and efficiency. The...
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(acceleration of) procyclical behaviour of banking, which might threaten macroeconomic stability. This article analyses the … decades, distortion caused by procyclical behaviour of banks has been limited, banking crises excepted. …
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