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Opinions expressed in the Economic Review do not necessarily reflect the views of the management of the Federal Reserve Bank of San Francisco or the Board of Governors of the Federal Reserve System. The Economic Review is published annually by the Research Department under the supervision of John C. Williams, Executive Vice President and Director of Research; Glenn Rudebusch, Senior Vice President and Associate Director of Research; Frederick Furlong, Group Vice President, Financial and Applied Microeconomic Research and Regional Developments, and Executive Director of the Center for the Study of Innovation and Productivity; Reuven Glick, Group Vice President, International Research; Mary Daly, Vice President, Applied Microeconomic Research and Regional Developments, and Director of the Center for the Study of Innovation and Productivity; John Fernald, Vice President, Macroeconomic Research; Simon Kwan, Vice President, Financial Research; Mark Spiegel, Vice President, International Research, and Director of the Center for Pacific Basin Studies. The publication is edited, compiled, and produced by Anita Todd, Research Editor. Permission to reprint portions of articles or whole articles must be obtained in writing. Permission to photocopy is unrestricted.

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