Federal Reserve Bank of Cleveland

have benefited from comments made a t seminars here a t the Bank and a t Case Western Reserve University. Responsi bil i ty for any remaining errors i s, of course, my own. Working papers of the Federal Reserve Bank of Cl eve1 and are prel imi nary materi a1 s, circulated to stimulate d i scossion and cr i t ica l comment. The views stated herein are the author's and not necessarily those of the Federal Reserve Bank of Cleveland or o