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though it's difficult to prove in any kind of conclusive way,
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is an idea that runs through the work of many economists
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and probably in recent decades
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most strongly through Ben Bernanke's work,
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suggesting that financial intermediation capital
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is a substantial contributor to the production process.
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When it is destroyed, suddenly there are substantial losses,
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both to aggregate supply and to aggregate demand.
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I made this point--tried to make this point--
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graphic in a conversation with one of your colleagues
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by asking the question,
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suppose one considered the following macroeconomic shock.