Information on all of the papers published in the ECB Occasional Paper Series can be found on the ECB's website, http://www.ecb.europa.eu/pub/scientifi c/ops/date/html/index.en.html comments. Thomas Gade and Steffen Strodthoff co-authored this occasional paper while working for the ECB as Economist and Consultant respectively. The views expressed in the paper are those of the authors and do not necessarily refl ect those of Danmarks Nationalbank or the Deutsche Bundesbank.
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