Our working paper series disseminates economic research relevant to the varioustasks and functions of the ECB, and provides a conceptual and empirical basis for policy-making. The working papers constitute “work in progress”. They are published to stimulate discussion and contribute to the advancement of our knowledge of economic matters. They are addressed to experts, so readers should be knowledgeable in economics.

The views expressed are those of the authors and do not necessarily reflect those of the ECB.

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