Big Banks and Macroeconomic Outcomes: Theory and Cross-Country Evidence of Granularity
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Does the mere presence of big banks affect macroeconomic outcomes? In this paper, we develop a theory of granularity (Gabaix, 2011) for the banking sector, introducing Bertrand competition and heterogeneous banks charging variable markups. Using this framework, we show conditions under which
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美国国家经济研究局创建时间：
2013-05-01
