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Fig. 24 | Swiss Journal of Economics and Statistics

Fig. 24

From: A neoclassical perspective on Switzerland’s 1990s stagnation

Fig. 24

Robustness: The role of disruptions in financial intermediation for \(\sigma _\omega =0.10\) (1987Q1–1999Q4). IW denotes the investment wedge, the interest spread corresponds to the spread between the lending and deposit rates obtained from the IMF International Financial Statistics, and \({\widetilde{IW}}\) is the interest-spread-adjusted investment wedge. Y is output and \(Y^{CF}\) denotes the counterfactual path of output when holding financial frictions fixed

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