Staff working papers in the Finance and Economics Discussion Series
(FEDS) are preliminary materials circulated to stimulate discussion and
critical comment. The analysis and conclusions set forth are those of
the authors and do not indicate concurrence by other members of the
research staff or the Board of Governors. References in publications
to the Finance and Economics Discussion Series (other than
acknowledgment) should be cleared with the author(s) to protect the
tentative character of these papers.