Svensson generously helped me obtain data. Comments fromLars Horngren, Kerstin Mitlid, Andr6 Orlan, Henri Pages, and Lars E. 0. Svensson led to improvements in the paper, as did the discussions at the Banque de France conference and at presentations sponsored by New York University's C.V. Starr Centerand the S6minaire d'Economie
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Maurice Obstfeld (1994) studied this question.