ii - national bureau of economic research · bloqncnai loml i bnjc coriq £pc uiicq qob boj!c!c...
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pG qiabjA Oj MG JLG2 in E1rILG IPGG MG GLIG2 COU2fLHCIGq pA G OECD
coi.nwon bcbuon JbbciL2 LO G pG LGAGLG °L P PJIJJe }JOMIJ pA
bGLcGUL bGL AGLe OL IU2IJCG LOW j bcLcGlu !U Jy3 o bGLcGIU in j3
J0 bGLCGLJI lLJIJIJIJ LG o bLoqnc/A LOM4J JOflL Monjq }JAG o qccJJnG
JLG Wf14 }JIAG qccJnGq fIp2fUhJJjA EOL SGLO LGJ MG LOM4J O pG COIJILGIJt M!IIJ
wG LG yccoLqin o cdnon (j) qn couiwou bGLccbuou iwbjic G fl
bLoqncuAiLA LOMLJJ pI PGGLJ ccowbucq pA LOMJ in LGj ibbLoxiwc1A
1jHLG o LGJ M1G2 w jccb bicc ip bLoqncuAiA n coui wp EobG MGLG clGL
JJOfJL n G VIJJGLIC5IJ AIGM 2I11ICU1LI GU1LG O if jpOnL IJJLG12 ICcOf1IJ OL G
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pccn wncp qJcnJon in p fl JiGLuJLG pocu p !JnLG o LGj MG
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1i5GO OL pG UJ&OL "°'°'' °L EflLobG 9uq 4OLr.p VWGLIC9 j}JG buwLA 9C2 4J9
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illAGu9uou o L9GO GfJAGGU Jo/A nucwbjoXwciu 9uq L9biq bLoqncuAiA LOMJ 21ucG
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cpcqnjc OMtJML qoc LGflCLJOU iii
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C1122 4J COIJOUJX 10 WOAC U0L1JJGf21 fJ0IJg IJJG c}j 2cpqnG L0W bonn J!J(G l1
nucuibjoXwcut ipij qncru cwbjoXwcut (suq OflL OL !AGU LOM1 L1G 0 Cblj
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cpcqnc nb uq UG1JAG cpiuc pil2 qJc cpcqnjc qoMIr i conrJ& uX GACUI (ppcJGq
LOW tpO2 qiii 5CCOflUL OL 2p1t2 Lu 2cpGqr!JG yu bo21ui cpIu u i 2p112 lp
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bowipucq (0 11JCLGI2G
cijccucA iic woqGJ cwb1oAmcuj UCLG2G (jiG bOMGL 0 MOLJ(GL2 !2
0 pLiuizJ G(MGGU (11110112 uq GwbJoXcL 220C1U0U2 uq 12 IJ20 C0U212(GIJ( M1(JJ (pG
iy H!P' cwbjoXwcu 12 bo2r.nJcq o cpcu pipcL LGJ /1G2 32 pe oricowc
LG c5JJGq pporu 2nbb1X 2CjiG11JG 111 (jiG LGCGIU J1(GL1U1LG LJJG2G LG C[JGq MG-2GWU
P C01L 1-Ps P00IC iii MjiCji r.pc nbMLq 2Job!1J J!UG2
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buciu uq cwbjoXwcu qcc2ou pA jiLw uq LG cjjcq bLrcc cwu
wbcLccqX cowbciuAc CJ2G tjiG2G qoMuMLq 2j0biU 2CGf1JG2 LGUGC( pe onu oiucowc o
PG jcic °L cuibjoAwciu oJq qic ucuic 21obc o pG 2cpGq11Jc lu pc
WfLJ(-11b 011 WL11JJ J0f1L C04 iu (p12 C5G UX £GUqGIJCA 0L (jiG LJJLJU1b o !UCLG2G MI(JJ
(0 G C01J22(GU( M!(JJ iwbcLccqX cowbcqwc bLoqnc WLJ(GL2 !U MpiCp bL!CG n.c ct
CfJLAG H0MGAGL pi WnCjJ 0 (JJG LGCCIJ( I!(GLWLG P!2 Lb}J1CJ uJA2!2 JJ2 pGGIJ 2JJOMIJ
bLoqncuou (c2bccJi1JX cbitj GUGLX uq W(GL!J2) 12 pcjq CO1J2(1J( joug uA bLucnpL
bLoqncuou f11JC(J0IJ Gxpip!uu C01J2LJ1J( LCUJLIJ2 (0 2CJG (JiG dniuuA 0 0L}JGL 11C(0L2 0
LGUILU2 M!4J IIJCLG2Gq cwbjoAuicur jjifl2 0L P! UJXi2 (0 G CO1J21(G1J( MI(jJ
iic cdricj (0 (jiG WL!1J1 bLoqrlc 0 IPO(1L MJJICp !2 a2nuJcq (0 G 2J'IPlGC( (0 qiWi1Ji2p!1J
cowbcuuAc JOflL 1JJJLJ(G(2 EOL 21ICJJ 1L1B2 cuibjokwcu i qc(cLuJIuGq pA 2GWu pG LGJ
ruLGLbLG(Gq 2 LGUGCU1J (JiG bLicG-Jciu bLop-uxiw!!u pGpAi0L 0 !LW2 0bGLUJIJ !1J
PG JGAGJ o cwbjoAuicu iuq (jiG LGIJ MG IJ GJGWG1J(LA (GX(00J(2 (p!2 LGJ(JOU2}Jib i
ccouq pG qoM1JMLq-2Jobiu CULAG2 LGbLG2GU( (jiG UG1JAG LGJ(J0u2}Jib pGucdu
jpc fluCIJJbIo)mCui - L0qflClJAiA jL5CO bC It
jG couowX poMG/W i nupcjX to t bonn B OL jou cowbLq to boiut
bwqnct o jponL i1JCLI2 In bLoboLuou to tpc WLiu3J bLoqnct
uJLiuI bLoqnct O JfOflL p L1IJ LOW (J\%)° to (jt\bV iu ip C°PP-D°P c& tp
pipL ontbnt bL wbjoXc t boiut nuGwbJoAwcut p ucu pow to n MP1G tpc
2ncp c-aGwIJ pocjc pi'p GUiU pipGL nucuib1oXuiin uq
MJJLG t}J OLIIIJSJ JO11L cJGwUq CHLA 4D° !IJtL2C12 tJJG IJGM JJIjJcL J CIILAG
JJJG LG1IJt O ncp M c-cwiJ 2OCJC ! O WOA tp cCOIJOUJ LOW bonn 'j to bonn
u1tOUOWOIIJX LI2 I4JG !i2 I4Jt i tcdriitc o nbbjA bLUdnjL wonut o wboXwcur
ELUCP 1JGLj 4LiJ( o 2bLIIJ J8) !U MpIC}J IAGIJ LofIb O MOLJ(GL2 pIJq2 toCtpGL uq
J(1tOIJOUJO1I2 1IJCLG IIJ 14J pLJU1IJ boMGL tiqc flU!OIJ OL !U IJX (jjc tpc
° CIILAG nbMJLq2 to ipc bo2luou j ncp 2OCJC uJipt p cnq pX u
pont b Gwb1oXc 2flWG pxq r IL2t couqcL G-2GWu 2OCJ t}JL
(Mpicp in on qJdniou o tp pIpOnL-WLJcGt q1ILW LJGL2 to ontbsu bGL GwbJoAc LJC
Iu JIJCL in nuGwbloXwGut conjq cowcJq MiqJ u iucLc2c in ic jij o bLoclrIcr4AJA
MOM jct n xwiuc to tXbc o pocj uq IudniLG !Uf0 fpc C1LCnWIJCG JU MJJIc[J
2euua 2VOC(Z
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o JJporn. i (jt\s)° uq in tJJG bGciJ C0PP-D0flP CG tJJG JA L3G bLoqnct O JO1IL I
4°-E° lu tP cowbcIilJAc IUtcLbLUOU O LJc Jp1IL qcwuq CflLAG }JG W5L%UJJ bLoqnct
cdnippunw wbjoXmcui i LcbLutq p) '° uq cdrnjipLinw nucwbjoXwut pX
EIfTLG tpG GcouowX !uwJjX in Gdn!JJpLinw t bo!ut v joU CflLA 4D0 uq
JjJC flIJCWbJOWCUL - LOqnCiwU JLJqCO bC R
JØ2 1 JJ LJJI2 LIG M5 UO 5ccoilJbIJiGq p> bGLwuGuf qLob ii cbcii) nh1l!0U LOL
uqq 1JOG GWILG O LJJG b6LwuGui L1G !U EJLObGU S1IJGWbJOXIJJGIU ii JJG
iunUJciGuL cibir o wbjo) IpG J3pOIIL OLCG (y
flIJGWbJ0XUJGUL p OCCflLLG ii iu CUAILOUWCIU qiuAcwcu ill M!C UjJGLG i ibM
IPOUL OLCG M14J0111 LGflCW 1 131G i.rio o cbirj wbn o JpOIJL iubnr
bonu c EnLobc p 1qiuuAG4Gq11 cuq npruujX LGflCG G L1JO o cbiij o p
uA qcjju ii IJJG LtG o cbcit.A nuliuou Mp!Cp i 2IIWCq o pG courui LJ G UJOqGJ
— bonu C IJJGLG GGJJ 11p2I9UWUJ IIJCLGG ILl G riucwb1oAwciit L1G MILpOIJL
qoc pjb - bCJ1LG J(GA G1J1LG O IJJG E11L0bGU fIIJGWbIOXWGIU bnsslG o G uq9i bonu c bouu 'j) MJJIJG IIIJGIJJbJOXWGUI JJ2 iIJCLGGq LGJ4X HOMGAGL JJ! UJOqGJ
pG wi.iuj uq AGLG bLoqnc2 o 1P011L AG LGU1LIJG o qJGIL iuiuJ AJf1G2 (pG 2WG
boiui C MG qo uo OGLAG LqGO pGIMGGU OIJGWbJO)uJcui uq orubri bGL OflL 1JCG
LOMU LOUJ £JJG IUIIJJ JGAGJ fl° 10 I4JG iIuGLwGqrLG lGGl LO G iU! JGAGJ fl HOMGAGL
OUCG pc bLocG o q)nuncui ii cibiii1 !Ub11 i cowbjcicq nucwbJoAuJGIu JJ2
C}JG1IG ILJIGLGC12 G OLIJIJ1 LGj MIG (J\%)° 2 2JJOMIJ bonu c Eif1LG 8pc jporu. qcwnJq CflLAG wn OMUML o qc boiuL Mp!cp tpc UGM MG-GU4U
CJJGqflJG LGUJ1U ii GGCi JGU oil uqq nwbrjou pon p 1.L1Jcu1LG o qi woqGj
qcwuq cnLic qou uq o p ICL o boiuou IIG v G JJiJcL MG 2GWU
qwuq oL cbuj M!ll uq bGLioq o qI1IJAG2WJGJJt Mill OCCJ1L piL2 LJJG JpOIL
lJGU pc pq OCJ( O cbiij pG!U couipnicq MII4J JG JO1IL !11b111 jpc
boju B onbrn uq GWbJ0XUJGUI LG J0MGL uq p wLiul bLoqnc °L cbrl
11" flUCWb1OWCUL - LOqnCPAL} i'.q°u. b' T
ci gq 11obsiT iiviteuboiq - tnmoIqmnU dT
lo ii th w o md cI ni nth Oi ni idir1 w 1nrn'(oIqm3nu nEmO ni12ni
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iIuon iol doj bivoiq oi ibiq 3vilDnbolq 1ntDt1Iu2 1ixo ino1 on oirh iuh niIqmi
4i) ns8 .2Oi rh I ibum Oi th lo inmoLqmnu ff1 nifl 01 1qo5q
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bnmb iuodsI ih nwob 21111k lb lo iq ki rh iii ini nA . iuiI iii bjn2u1li
lDubo-lq kniufn di nrl bru lo '(1b1ruup ,ili niDub1 d lubb2 01 vmz
01 wthuo aiuirk nornoq muhldiliup5 mono th Inloq moil nrfli .modiJ lo
irl modcl lo lDnbolq knbgim di bn b21Dni 2id Inm(olqmnu iohd 2A .Q lnioq
iuodcl lo lDubolq di 2cuoU-ddoD rli ni) bn 1\\YT) ol 1V'IT' moiI n5lkI
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ii irhi 'm inmolqmnu ini rth borf2 £ iuli bniI vEr1 w i1 wilT
nOrnbTloD vlin £ 11D n bork tvituboiq 21vb nA .ibvituboiq iwol io
boik i liu1w 1ivb1Dubo1q lo bvl di bn 1nrn'oIqrn5nu lo bvl rli nwid lo bvl di bni inmofqmnu lo bvl li nwd nobibnoz vffl2oq E IID nID
rl1 lo 1nmiwjb biwnwob di ol iobq mi1 lo boiq rli ivo JE 1bvb1Dubo1q
qALc boqricwiA poc WJGL tG Gx1.LuJG o Lcj MG LJiqItX uq rqj JGxJpiJJ1X uq
picp p 5jO1J qJ JOMGL JOIJL qwuq Cf1LA ) LbLc.cut JtCL1JIfJA LboIJG to IiJ
GuJbIoAuJclu 12 bLGAGutcq LOW LI2I1J 'E I" 2OLL bolut2 C D C IIq % ( oi
uot pit qoiiw j tp MX o boiiu pnt cow to t i cpqri jijcc j' uqGwbJoXmctw nucici bLtJI pX2tcL1 OL joii qIritiucut11 pc ii wu cpcqrij qoc
1JJLc 12 AGLt1CJ JOJJ-LflU MG-2GUJU cpGqnc t MJJC}J 1iJOA2 tO tJJC CI1LLUL JAGJ O
LOW 4DO tO LJ GCOLJOIJJX WOAC2 LOW \J tO Vj pcOLG hilt flUqCL fIJJ pX2r.cLc.i
2pocc (os. u qcLc iRLctc qwrnq 2pocJ) qrnt 2t2 tpc 1P0flL qcuiniq CI1LAG U EIflLG
nucwbjoXmut LJtG qGbGuq2 ou tpG CHLLGUt nuGwbjo)wGut u1w hofloU u ucX bLicG
2iWG qiLw to IIJLGLbLCL pc couccbt o p tGLG2!a ji!tP 11hI }J)21GLG212 ipG Gdn!ppLnw
OtPGL bopipuc2 ILG 2flG2tG pX EIWGOA uq VCELJU (J3) M}JO n
qoMu nuuj it !UtGL2GCI2 tpc [OMGL 1P011L qcwuq CilLAG i tpc OLJJIJJ JGAGJ o cwbjoXmcut
9 tpG LG2IIJt O llP1G WU ! 111f11j01J2 fJtH tG ''' -° P!U
MG 2G(1J CflLAG pJ CO1JtL2t 1}JG 2WG 2JJOCJ( Monjq 2pt tJJG fl 2 LOW boiut \J to boint
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