[1] Heidelberg Univ, Dept Econ, Heidelberg, Germany
[2] Univ Goettingen, Gottingen, Germany
[3] CEPR, London, England
[4] CESifo, Munich, Germany
[5] KOF Swiss Econ Inst, Zurich, Switzerland
[6] Leibniz Univ Hannover, Inst Macroecon, Hannover, Germany
[7] Univ St Gallen, Dept Econ, St Gallen, Switzerland