1. Vienna University of Business Administration and Economics, Austrian Institute of Economic Research (WIFO) and CESifo Althanstrasse 39‐45 A‐1090Vienna Austria
2. ETH Zürich, CEPR, CESifo, Leverhulme Centre for Research on Globalisation and Economic Policy (GEP) at the University of Nottingham, and Oxford University Centre for Business Taxation (OUCBT) ETH Zürich, KOF, Weinbergstrasse 35, WEH E6 8092Zürich Switzerland
3. Department of Economics University of Bern and CESifo Schanzeneckstrasse 1, A211 3001Bern Switzerland