1. Department of Economics, Copenhagen Business School , Porcelaenshaven 16A , Frederiksberg C 2000, Denmark . E-mail: shj.eco@cbs.dk
2. Economics and Monetary Policy, Central Bank of Iceland , Kalkofnsvegur 1, Reykjavík 101, Iceland. E-mail: tss@cb.is
3. Department of Economics, University of Iceland , Sæmundargata 2 , Reykjavik 102, Iceland
4. Birkbeck Business School, University of London , Malet Street, London, UK