The Effects of Bank Rescue Measures in the recent Financial Crisis

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to combine land and final goods for the production of new houses

. Producers of new houses charge a price

which is equal to marginal cost which can be represented as a CES aggregate of land

and construction prices

. In order to capture deviations of construction prices from the GDP deflator we assume that producers in the construction sector transform wholesale goods into residential investment using a linear technology subject to an auto-correlated technology shock. The Lagrangian of this maximisation problem is

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