1. Federal Reserve Bank of Boston, 600 Atlantic Avenue, Boston MA 02210 (email: )
2. Monetary Policy Division, Banque de France, 31 Rue Croix des Petits Champs, 75001, Paris & Paris School of Economics, 48 Boulevard Jourdan, 75014 Paris & Centre for Economic Policy and Research, 33 Great Sutton Street, EC1V 0DX, London (email: )
3. Economics and Decision Sciences Department, HEC Paris, 1 rue de la Libération, 78350 Jouy-en-Josas, France (email: )
4. Monetary and Economic Department, Bank for International Settlements, Centralbahnplatz 2, 4051 Basel (email: )