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            "text": "number of hires dominates the fall in hours), while investment response lingers slightly above zero during the delay phase. Consumption increases in all cases. [p26.1.2]",
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            "text": "Inflation fluctuations are also lower when the labour market is more volatile. The reason for this is that a more volatile labour market implies more hiring, which dominates the reduction in hours worked per capita (see Figure 6). More responsive labour supply during the delay reduces wage increase and therefore dampens the increase in marginal cost of firms and inflation.",
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