Business Cycle”; the Macro, Money and Econometric study group, London; the conference
”Common Features” in Rio de Janeiro; the … exclusively those of the authors and not those of the European Central Bank.
2 Universitat Pompeu Fabra, Department of Economics … and Business, Jaume I building, Ramon Trias Fargas, 25-27,
08005-Barcelona, Spain; e-mail: fabio.canova@upf.edu
3 …
