Marcin Kacperczyk, Jaromir Nosal, Luminita Stevens
Abstract:for helpful comments and suggestions. This paper was finalized while Yannick Lucotte was a visiting researcher at the Economic Institute of Narodowy Bank Polski (NBP) in Warsaw. He would like to thank Narodowy Bank Polski for its hospitality and financial support. The views expressed in this article are entirely those of the authors and do not necessarily represent those of Narodowy Bank Polski. Any remaining errors are ours.
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