Lis, Eliza M.; Nickel, Christiane - 2009
remain the responsibility of the authors.
2 WHU – Otto Beisheim School of Management, Chair of Macroeconomics, Burgplatz 2 … Management, Burgplatz 2,
D-56179 Vallendar, Germany.
© European Central Bank, 2009
Address
Kaiserstrasse 29
60311 Frankfurt …
explanatory variable.
5
This paper contributes to the existing literature in several ways. First, to
our best knowledge there is …