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Eq'q b rTC0L - National Bureau of Economic ResearchEq'q b rTC0L HIIfl]40 I I2KA NOIc}CEIc2 VIBEK bIKU4 bVLEI 2EKIE2 IJq flOOJCL JIJPUWOU uq 11BEB 2W0L1 CV 43O-?OJ2 wuoIq flumcLaJA

May 23, 2020

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Page 1: Eq'q b rTC0L - National Bureau of Economic ResearchEq'q b rTC0L HIIfl]40 I I2KA NOIc}CEIc2 VIBEK bIKU4 bVLEI 2EKIE2 IJq flOOJCL JIJPUWOU uq 11BEB 2W0L1 CV 43O-?OJ2 wuoIq flumcLaJA

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,beIaeV9'l al iiiida xiedw ? ernii iA .eldkaae1 ad ion bhiow Vt <1W theq 113118 aA .rirth

qu sq of Bnilliw ad bhrow j arifi iedio xxa brie 18+M of qu sq of rzilhiw ad bluow I urth

10 ?1\I Ino I9*1ow eu qee21 blirow ieofqrne Iaiztith edi anrth 'I 1±1kw ie*iara a nI .L2+M of

ff19! 9riT .1* j 118 io1 2 8b993x9 18 IIe11W 1uo ie*1ow exit aqae2l ririft eu eaun3ed sinui exit

ad blirow bavieQal

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816 6UOI6 Jt' 4JJ6D 46 U0J LW L640U8 J36 MOLJCOL M6136A6L

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= ('a -'a)-tL

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Page 23: Eq'q b rTC0L - National Bureau of Economic ResearchEq'q b rTC0L HIIfl]40 I I2KA NOIc}CEIc2 VIBEK bIKU4 bVLEI 2EKIE2 IJq flOOJCL JIJPUWOU uq 11BEB 2W0L1 CV 43O-?OJ2 wuoIq flumcLaJA

jngisftth ban eisieneab-aon ai B 11 .1th ad M mdi 1Sa2939aau iIIsicii ai tI jbzxl

Lao ak La1$I .aie*iow ifs io'I = M nsdw nave eutav noiiqo svsd as*1ow Lth afrrLEt aao'135

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.rrwndiliups benfteb-llew a ak aliT .O=(a)a

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e3nele'1szq aliT .enw emsa eu in eno th8iIa3niJ 9th I91q riwoni 81 elilil iiioiiw iiiods 9(10

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Page 24: Eq'q b rTC0L - National Bureau of Economic ResearchEq'q b rTC0L HIIfl]40 I I2KA NOIc}CEIc2 VIBEK bIKU4 bVLEI 2EKIE2 IJq flOOJCL JIJPUWOU uq 11BEB 2W0L1 CV 43O-?OJ2 wuoIq flumcLaJA

bLoIuqG no ob;on iBp16 o rziçzaj Jrn.e

conJbon6u; oon;bn; spa; bI.oIiqBe Ob10U ABJn6 EA613 IJujwOAU ASI4B4OD8 D R6DBLSI ap;?

HOLJCGL wopm;) coa nis) bweiq6 ;pu; uqAuu4u6 }m4p6LwoLe' in 4JJ6 .w SbBcWc

0161. 04)36L LWV 1J 4)36 WBLF61 bI4AB16 IJOLWB10D upon; a MoLFeLB on;bn; 01.

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q6u6q cncoa J6A6J

au B JL13J can 1]JBJ6 B 66L ppii q&caou aug L6VI4C4 )3L6S 0 WO6 11)30 6ZC66q B 116JJ-

Page 25: Eq'q b rTC0L - National Bureau of Economic ResearchEq'q b rTC0L HIIfl]40 I I2KA NOIc}CEIc2 VIBEK bIKU4 bVLEI 2EKIE2 IJq flOOJCL JIJPUWOU uq 11BEB 2W0L1 CV 43O-?OJ2 wuoIq flumcLaJA

S3

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8UOL flu A6La!;) 02B ffi0LJ1J babeL' 1884'j'S12 auq '6L6? Mi6p6J JD;LaLILW BaLaT13TI3 lTuq6L youppiq coLcr'

182-305'Jo;pBcJJJq' cpaGj' .,.v jio-vq auq; J,p6oL oi6; 14cpJ.' 'V 'o' °'a'

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ootstc2' A°!' 9 Jae' baz. v' bb 141-e2'1L' Eq''q b' aug OL6LBWW P3 EVP'' 0IJ9j' 6q'

122-185cctbcn q' p j,oP3aJq jacppauajq' : i.çu,a bI.6' 1884' bb'E6WJ6 flOLJC6L2 P3 bSTJ', pi 'ctçO. 462 ur C0ot 0C6 t.ob

}jflCJJ' A°P3° oop J1LØpJP3 msq CLOP 027 B6611°11 0 auq

Eq'°" (M 0L169ITh' VbLfl 2-' 1884)'4JJ6 1JUf1 66I3 0 UJ6 4aousJ COfWCfl 011 N6BflI.6WGU4 3

H" r' aug H'D' H0OA6L' J6U geL D6L6UC68 P3 Cp6A6W617 JJ6 c0L644 bab6L

Jp6 CP1CJ6IJ OL E',. 'V 'CO' '3' 'i"P 1888' bb' 3-2OFc1.ouafl' BGflPGU 112ex-L6Jaeq ja6 6L6UEJ aug /0WG1J,B u46LLnbç6q 1poL C661 -

23 ('1'J Ia8e): 2-4'c'"q B'66 C' qI6L26 26J&CIO2J 1J 4JJ6 OL qLJc6',, 0GOI01

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VCF6A6W6D L6MVCI4 ebO %' 1888-8'D00P16' V ! C U6ICP euq6L 6LBUC6B 117 beI4OLWauC6 011 B C0I166-I61

AoJnul6' iaae4oL4p6ew flrnA6Lai' (qLB I'P 1882 OL J'9J16 B1C0 COI16L6xJc6) EoLpcownJ'

VJnhi' o86bp aug cvsLJ i"r UEWbJ06L peaLrnu aug a;cai acL!w!ua4ou'14

66L6UC6

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