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            "text": "shows 2-year construction delay, and the dotted blue line shows the 5-year construction delay. Delays related to construction are less problematic than planning from the perspective of short-term business cycle management, because the demand stimulus occurs immediately in all cases (top left panel) and output starts increasing already on impact. However, the strength of the stimulus and the increase in output are slower the longer it takes to complete the project, because the supply-side benefits from higher public capital kick in later. In particular, inflation stays higher for longer when the construction delays are long, which exacerbates and prolongs the real exchange rate appreciation (a fall in the real effective exchange rate means appreciation) and is detrimental for (net) exports."
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            "text": "Unlike in the case of planning delays, labour increases despite the increase in wages. This is because there is an immediate stimulus from higher demand for public investment goods, which have to be produced, and this increases the demand for labour despite higher wages (and pushes wages up slightly more in the initial phases than in the case of planning delays). Private investment increases in the short run because there are more resources available (from higher output) and because firms wish to supplement the increase in labour with more capital. The longer the delay, the stronger is the initial increase in labour. This is because private consumption increases by less initially, and therefore labour supply decreases by less. This leads to a lower increase in wages, which stimulates the demand for labour by firms. In the long run (shown as dots on the right axis of each plot), all responses are identical to the responses after a planning delay."
        },
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            "text": "From the business cycle management perspective, construction delays may be less problematic, because the demand stimulus from higher public investment occurs immediately and there are no swings in the opposite direction in economic activity, unlike in the planning delays case."
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