Jean-sébastien Pentecôte CREM-UMR CNRS #6211, University of Rennes 1   7, place Hoche CS 86514 RENNES Cedex, 35065 FRANCE   jpentco@univ-rennes1.fr             JEL Areas: F4 : Macroeconomic Aspects of International Trade and Finance: General E : Macroeconomics and Monetary Economics