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            "text": "FIGURE 6. Varying degree of search frictions: labour market",
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                "embedded_text": "Benchmark Low surplus Very low surplus\n0.4 0.4 0.4\nLabour\n0.2 0.2 0.2\n0 0 0\n0 10 20 30 40 50 60 LT 0 10 20 30 40 50 60 LT 0 10 20 30 40 50 60 LT\n1 1 1\nEmployment\n0.5 0.5 0.5\n0 0 0\n0 10 20 30 40 50 60 LT 0 10 20 30 40 50 60 LT 0 10 20 30 40 50 60 LT\n0 0 0\nHours\n-0.5 -0.5 -0.5\n-1 -1 -1\n0 10 20 30 40 50 60 LT 0 10 20 30 40 50 60 LT 0 10 20 30 40 50 60 LT\n1 1 1\nWages\n0.5 0.5 0.5\n0 0 0\n0 10 20 30 40 50 60 LT 0 10 20 30 40 50 60 LT 0 10 20 30 40 50 60 LT\nGov. investment increase 2-year time to plan 5-year time to plan Long-term effect"
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            "text": "Horizontal axes: quarters; vertical axes: percent deviations from the steady state. All variables are in real terms.",
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            "text": "4.4 Welfare",
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            "text": "In the model with the standard labour market and in the model with search (and in each case for both time-to-build and time-to-plan), most of the output increase occurs later in time if there are delays. However, in some cases, in particular in the case of planning"
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            "text": "27",
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