accumulation process lead to fluctuations in the real returns from intermediated investment. For this economy, we find that the … output, investment is negatively correlated with output, variations in the capital stock are quite large and interest rates …

: deposits, investment funds, securities, and insurance banking. The six largest banks with Portuguese headquarters were … noted that investment decisions are dependent on investors and that there are financial innovations that attract …

observation, the model predicts a negative correlation of consumption and investment as well as a highly volatile capital stock … fall in investment than is observed in the data. Modifications to our model (adding durable goods and a capacity …