First Author:   Thierry Warin Minda de Gunzburg CES (Harvard University), Department of Economics (Middlebury College) twarin@middlebury.edu         http://www.middlebury.edu/~twarin Second Author: Phanindra Wunnava Department of Economics (Middlebury College) wunnava@middlebury.edu         Third Author: Hubert P. Janicki Federal Reserve Bank of Richmond hubert.janicki@rich.frb.org