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Bank of England Working Paper Series
Bank Engl Work Pap

ISSN: 1368-5562.

Working papers describe research in progress by Bank staff and are published to elicit comments and to further debate. Any views expressed are solely those of the authors and so cannot be taken to represent those of the Bank of England or to state Bank of England policy. They should therefore not be reported as representing the views of the Bank of England or members of the Monetary Policy Committee or Financial Policy Committee. From time to time members of the Bank staff submitting work to outside journals may be required by referees to post material on the internet for review by technical experts. Any comments on such papers should be sent to the authors at the Bank. The papers are the sole responsibility of the author, and the views expressed do not necessarily reflect those of the Bank of England.

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