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| Laurent Ferrara |
| Banque de France and CES, University Paris 1 - Panthéon - Sorbonne |
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| Macroeconomic Analysis and Forecasting Directorate |
| 46-1383 Rue Croix des Petits Champs |
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| Paris Cedex 01, 75049 |
| France |
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| laurent.ferrara@banque-france.fr |
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| http://lo.ferrara.free.fr |
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