Affiliation: | 1. European Commission and Portugal??s Ministry of Finance and Public Administration, Av. Infante D. Henrique, no 1C 1o, 1100-278, Lisboa, Portugal 2. Department of Economics, VU University Amsterdam, De Boelelaan 1105, 1081 HV, Amsterdam, The Netherlands 3. Tinbergen Institute, Amsterdam, The Netherlands 4. CEPR, London, UK
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