1. Department of Economics, University of California, Merced, California 95343
2. Department of Economics, Southern Methodist University, Dallas, Texas 75275
3. SITE–Stockholm School of Economics, SE- 113 83 Stockholm, Sweden;
4. Einaudi Institute for Economics and Finance (EIEF), 00187 Rome, Italy;
5. University of Rome Tor Vergata, 00133 Rome, Italy
6. Centre for Economic Policy Research (CEPR), London EC1V 0DX, United Kingdom