First Author:   Christian Pierdzioch Helmut-Schmidt-University c.pierdzioch@hsu-hh.de   Department of Economics, Department of Economics, Holstenhofweg 85, P.O.B. 700822 Hamburg, Germany   +49 (0)40 6541 2879(Phone) +49 (0)40 6541 2879(Fax) http://www.hsu-hh.de/monecon/index.php?brick_id=TiSr59Dm8AqH8NnZ&action=setlanguage&language=en Second Author: Renatas Kizys University of Portsmouth renatas.kizys@port.ac.uk   Portsmouth Business School, Richmond Building, Portland Street, Hampshire PO1 3DE Portsmouth, United Kingdom