1. a Department of Economics , ISEG/UTL – Technical University of Lisbon, CISEP – Research Centre on the Portuguese Economy , R. Miguel Lupi 20, P-1249-078 , Lisbon , Portugal E-mail:
2. b European Central Bank , Kaiserstraße 29, D-60311 Frankfurt am Main, Germany E-mail:
3. c Court of Accounts , Av. República, 65, P-1069-045 , Lisbon , Portugal E-mail:
4. d ISCSP/UTL – Technical University of Lisbon, Pólo Universitário do Alto da Ajuda , Rua G, P-1345-055 , Lisbon , Portugal E-mail: