1. Department of Economics and Business Economics Aarhus University Fuglesangs Allé 4 8210 Aarhus V Denmark
2. CREATES Center for Research in Econometric Analysis of Time Series Aarhus V 8210 Denmark
3. DFI Danish Finance Institute Frederiksberg 2000 Denmark
4. Department of Economics Universität Hamburg Von‐Melle‐Park 5 20146 Hamburg Germany
5. Deutsche Bundesbank Wilhelm‐Epstein‐Strasse 14 60431 Frankfurt am Main Germany