First Author:   Georg Stadtmann Europa-Universität Viadrina and University of Southern Denmark Stadtmann@euv-frankfurt-o.de   August-Bebel-Straße 12, Postfach 1786 Frankfurt (Oder), 15207, Germany   0049 335 5534-2700(Phone) 0049 335 5534-2700(Fax) http://www.wiwi.euv-frankfurt-o.de/de/lehrstuhl/fine/makro/index.html Second Author: Christian Pierdzioch Helmut-Schmidt-University c.pierdzioch@hsu-hh.de         Third Author: Jan Ruelke WHU - Otto Beisheim School of Management Jan-C.Ruelke@whu.edu