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            "text": "FIGURE 2. Standard model: Permanent increase in public investment with construction delays",
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                "embedded_text": "Public investment Public capital Output\n40 40\n3\n30 30\n2\n20 20\n1\n10 10\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\nInflation Private consumption Private investment\n2 1\n0.05\n1.5\n0\n1\n0\n-1\n0.5\n-0.05 0 -2\n0 10 20 30 40 50 60 LT 0 10 20 30 40 50 60 LT 0 10 20 30 40 50 60 LT\nExport Import Real wage\n2 0.8 1\n0.6\n1\n0.4 0.5\n0\n0.2\n-1 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\nLabour Real eff. exc. rate Public debt to GDP\n0.2 0.6 6\n0.1 0.4\n4\n0 0.2\n2\n-0.1 0\n0\n-0.2 -0.2\n0 10 20 30 40 50 60 LT 0 10 20 30 40 50 60 LT 0 10 20 30 40 50 60 LT"
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            "text": "Gov. investment increase 2-year time to build 5-year time to build Long-term effect",
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            "text": "Horizontal axes: quarters; vertical axes: percent deviations from the steady state, except inflation, which is in annualised p.p. deviations from the steady state, and public debt to GDP, which is in p.p. deviations. All variables are in real terms.",
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            "text": "19",
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