Some of our studies have been completed and made public; others will be published in coming weeks. For some business lines, the studies have suggested that competitive impacts are not likely, while for others, such as some types of small business loans, it does appear that unintended competitive advantages and disadvantages might be created.
Here output (y) and absorption (d) are expressed in percent deviation from their respective steady states, while net exports are expressed as share of output, and are equal to zero in the steady state (that is, prior to any shocks).