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            "text": "FIGURE 5. Varying degree of search frictions: macroeconomic variables",
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                "embedded_text": "Benchmark Low surplus Very low surplus\n4 4 4\n3 3 3\nOutput\n2 2 2\n1 1 1\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\nconsumption\n2 2 2\n1 1 1\nPrivate\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\ninvestment\n0 0 0\nPrivate\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\n0.15 0.15 0.15\n0.1 0.1 0.1\n0.05 0.05 0.05\n0 0 0\n-0.05 -0.05 -0.05\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 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, except inflation, which is in annualised p.p. deviations from the steady state. All variables are in real terms.",
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            "text": "26",
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