1. Department of Economics, Box 1208, Washington University, One Brookings Drive, St Louis, MO 63130, USAemail: nachbar@wuecona.wustl.edu,
2. Department of Economics, Box 1208, Washington University, One Brookings Drive, St Louis, MO 63130, USAemail: petersen@wueconc.wustl.edu,
3. Korean Economics Research Institute, FKI Bldg, 28‐1, Yoido‐dong, Youngdungpo‐Ku, Seoul 150‐756, Koreaemail: inhak@red.kfke.re.kr