- Alexander Jung European Central Bank; email: alexander.jung@ecb.europa.eu European Central Bank, 2016 Postal address 60640 Frankfurt am Main, Germany Telephone +49 69 1344 0 Website www.ecb.europa.eu All rights reserved. Any reproduction, publication and reprint in the form of a different publication, whether printed or produced electronically, in whole or in part, is permitted only with the explicit written authorisation of the ECB or the authors. This paper can be downloaded without charge from www.ecb.europa.eu, from the Social Science Research Network electronic library at or from RePEc: Research Papers in Economics. Information on all of the papers published in the ECB Working Paper Series can be found on the ECB’s website.
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- ECB Working Paper 1961, September 2016 Acknowledgements For useful comments and discussion the author thanks R. Horváth, M. El-Shagi, H. Hong and T. Lähner. The paper has been presented at the 2015 EPCS conference in Groningen. The views expressed are those of the author and do not necessarily reflect those of the ECB. The author remains responsible for any errors or omissions.
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