!"###$ "%&' ()() ($"& *)!""+"$"& #)*!"%",""*) # "*) #&-*&*$-# *&(&."# *)/0.1 *!(-%"$2 -*&*$-#%- *&&%"#"-!*&#* $ # "3#*,$&-*&*$-#

!"###$ "%&' ()() ($"& *)!""+"$"& #)*!"%",""*) # "*) #&-*&*$-# *&(&."# *)/0.1 *!(-%"$2 -*&*$-#%- *&&%"#"-!*&#* $ # "3#*,$&-*&*$-# 4556 ''*."% 777777777777777777777777777777777777777777777777777 #8. (&9%,*.#:"%*)!" ";$& *&*$$ "" 77777777777777777777777777777777777777777777777777 77777777777777777777777777777777777777777777777777 77777777777777777777777777777777777777777777777777 *,$!*"% *))"","" # "3#*,$&-*&*$-#<0 8 " 7777777777777777777777777777777777777777777777777777777777

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

9 777777777777777777777777777777777777777777777? = 7777777777777777777@ INSIGHTS TO SUBJECT MATTER 6 EMPIRICAL FINDINGS IN THE LITERATURE SO FAR 9 MOTIVATION FOR SUBSEQUENT ANALYSIS 15 777777777777777777777777777777777777777?A GOALS, TARGETS AND TOOLS OF MONETARY POLICY IN CEE COUNTRIES 18 EVOLUTION OF EXCHANGE RATE REGIMES IN CEEC S 21 MONETARY SECTOR DEVELOPMENTS DURING TRANSITION 22 SHORT SUMMARY 25 7777774B VECTOR AUTOREGRESSION AND IDENTIFICATION PROBLEM 26 MODEL DESCRIPTION 31 77777777777777777777777777777777777777776B 7777777777777777777777777777777777777776C 7777777777777777777777777777777DC 99777777777777777777777777777777777777777777777@D 7777777777777777777777777777777777777777777777777@E

,"?"#'*&#"#*)&%# (*%-*&&% * *&" *(-!*-:88888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888D?,"4"#'*&#"#*) *&" :" "&%"())"-.";-!&," " * *&" *(-!*-: 88888888888888888888888888888888888888888888888888888888888888888888D4,"6"#'*&#"#*);'* &%$'* -"# * *&" *(-!*-: 8888D6,"D"#'*&#"#*);'* #&%$'* # * *&" *(-!*-:8888888888888D@,"@"#'*&#"*&*$&(%"9(&-" * *&" *(-!*-:888888888DE 9 ("@8? "#-' *&&%&#)*$ *&8888888888888888888888888888888888888888888888888888886B ("@84! ('#1"*&"# "#(#8888888888888888888888888888888888888888888888888888888888888888888888886A ("B8?,1"&,!"# "#(#888888888888888888888888888888888888888888888888888888888888888888886C ("B84F*!&#"&*& ", *&"# "#(#888888888888888888888888888888888888888888888888888888888D5

0= >*(% (:" * ";'"## $ #&-"", %" * $!"## %.#* 8 "," ( )*!# "&-*,"$"& &%,%&-" & '*-"## *) >*:&, *&!# "#"-!< )*!# &#,! )( #,,"# *&# &%.((" -*$$"& # ",%&, $!"##''"8$(#*, ")( *8*$*'G<)*$>!*$"-"."%$&!"(')( -*$$"& # *&!" ( "# %) # *)!" ''"8!"." &$"*# &%."% -*$$"& #!." "-"."% )*$ "#"-! =*:#!*' '*)"##* 8 -!"( 9*>" >!*$ (#* ";'"## $ -:&*>("%,"$"& 8!&: * :#& H.(&<(&<)*!"#''* &-*("-&,!"% )*!#!"##8

I::"&)*$ *&- "*& I"& (&%# "&*'" I"& (&%# "&*'"&-*& "# I-"& (&: I*" )&('"%-*&"*# # -# I&&&1J&&&)*$ *&- "*& (:"(!**% *# # -# I$*&" &#$##*&$"-!&#$ I *&(9&:*)*(&% I'*%-"'-"&%"; I-!>&)*$ *&- "*&.

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

&#$##*&-!&&"(##*&"*)!":")-*#&""%"%)*$*&" '*(- *" #--"##)(8 "-*&%< # -! ("&,&, "-#"!" &# *& # %&$- '!"&*$"&*& &% # #K"- * -*&# & # -( -!&,"#! -*$'(- " )*$(&(##8 *"*."<!" &# *&-*& "#*)"& (&%# "&*'" "#$ (*'"&"-*&*$"#8%"& )&,";*,"&*#$*&" '*(-#!*-:#&& *'"&"-*&*$-&("% *## & (%))-("#&!"&(###&-"<%))""& )*$!"-#"*) :<>!"&-*& ##*( "%)*$!""# *)!">*(%<& &*'"&"-*&*$$*&" '*(-$";'""&-"&$'-*&#*$"-#"# "."&"# *&,(&)("&-"%)*$* #%"8 & $*%"& "-*&*$- ( " "!"" " (* *) # %"#! *))".*# ''*-!"# *!"&."#, *&*)$*&" &#$##*&$"-!&#$8*(*>&, &". " (8 4554 (!"#" ''*-!"# -& " -(##)"% >!& )* *% - ",*"#8 *!" )# - ",* -& " "% ''*-!"# #"% *& %"#-'."$"!*%#*)&(##<>!-!%"(>!*#". *&&%-*$'#*&*) "(".& "-*&*$-.("##*# *$:"&)""&-"#* 8!"#"-*&% - ",* &-(%"# ''*-!"#! #" $"!*%*(*, &% # %))""&. *&#(:" &%&,"-#( "# #)*!"&(##*)$*&" &#$##*&8 ''*-!"#! -*&#%" -*&# -*& *) #$ ( # -( $-*"-*&*$" - $*%"(# &% " $"% * &."#, " #'"-)- #'"-# *) &#$##*&$"-!&#$-*&# "!"!%- ",*8& (<!")*!- ",* -*&## # *) ''*-!"#! * %"."(*' (," $-*"-*&*$" - $*%"(# & *%" *-' "!".*#(&:#&!"$*&" &#$##*&'*-"##8 *)!"&$"*)# %"#%".* "% *&."#, *&*) &"& (&% # "&*'"#($ "%8&-#"*) &# *&"-*&*$"#*)!#-&" ";'(&"% ("# >*"#*&#8!")# #!"(-:*)#))-"& ((*&, $" #""#% *)'*'"+( 8!"#"-*&%#!"("%$"& *&"%'*("$*)& &# (""-*&*$-"&.*&$"&! &%",*"#-*&# & # -(-!&,"#8!# 4

!"##-*& "# *!"( " "&."#, &,!"";-!&," "-!&&"(*) $*&" &#$##*& $"-!&#$ & *(&% >! #'"-( "$'!## *&!" &(##*)!""#'*&#"*)";"&(#"-*.("# *$*&" '*(-#!*-:#8!"''*-! *"$'("$"& "%&!#>*:> (,*&%*&$"!*%*(*, #&-" "-$"# &%%&!"( " "*&!# *'-8=! #$*"<# -( $*%"(#! (#*-&"#"% *# % -*&#%"&(##*).*#(&:# " >""& %))""& #"-*# *) & "-*&*$<!# # &* &"-"## )*!" ''*#"#*)!#"#"-!8!""# *)!"''"'*-""%##)*(*>#8'*.%"#-*&-#"".">*) "$'-( # %"# %".* "% *!" &."#, *& *) $*&" &#$##*& $"-!&#$8!"&(##*)!"( " "*& #,,"# #! %"#' "!")-!!"$'-#*)$*&" '*(-#!*-:#*&"-*&*$-.("#"# %"%& %"'!)*%"."(*'"%"-*&*$"#< ## (&-(">!"!"&)""&-"#*! " " )* $:" "-*&*$"# ".(% )* &# *& *&"#8 & )*(*>#!" %#-##*& *) ##"# "( "% * &!" -*& "; *) &# *& '"*%8!"&(##&!#' -*&-(%"#! %&, &# *&!"&# *&( &)# -" 4 >!-! # $'* & )*!" "))"-."&"## *) "-*&*$- &#)*$ *&#&* %"."(*'"%"&*,! *,& ""!"# ( *)"-*&*$- "&.*&$"& &%!#<"-*&*$-'*-"##"#! :"'(-""*) "&&)("&-"% ";*,"&*#&*&1"-*&*$-)-*#! #"*#(%# *!"'-"*)"-*&*$- ")*$#&%-*$'(- "!")*$(&(##8%(#>!$"!*%*(*,-( ##"#&%'*.%"#%"#-' *&*)$*%"( *""# $ "%&!#!"##8"" )*(*>#!"%#-##*&#*)!"$&# # -( **(#"%&!"&(##*) I!"."-* *","##*&I&%!"$*# -*$$*&%"& )- *& "-!&+"#"% &"# $ &,!""-*&*$-"))"-#*)$*&" '*(-#!*-:<8"8"-#."&"## 4 :" &# *&#<(",(",( *&#" -8 6

##$' *&8 %"(# >! % &(##<.")- *& &% &#)*$ *&8 '"#"& #!""#(#*)!""$'-(&(##8& (<-*&-(%"#!" ''" >!!" #$$ *) "#(# &% #,,"# # %"-*&# )* )!" &."#, *&8 D

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

#"%&!""$'-(# %"#)*%"& )- *&*)$*&" '*(-#!*-:#)*(*>#8!"&'"#"& ".">*)!"( " "*&$*&" &#$##*&8!#"."> #-*&# &"% *!*#"''"#>!'$)*-#*&!"";-!&," "-!&&"( *)$*&" &#$##*& #*$"")""&-"# *!"( " "! &."#, "# *!"-!&&"(#&%#'"-#*) "(#*'*.%"%8& (<-*&-(%">! %"#-' *& *) >! # * " %*&" &!# ''" &%!*> -*& "# *!" ( " "".">"%&!"#"-*&8!"" # >%"#'"% *'&*& $*&, "-*&*$# #!!" %"-#*&# $%" $*&"!* "# "'"#"&!" ## "$ - "-*& * -!&,"# &!" "-*&*$-"&.*&$"& 8*";$'("<*&"$*#"."! (*>("."(#*)* ' & & "-*&*$ $ &%-" '*(-$:"# * "%-"!" *))-( & ""# " & *%" *$:"&."# $"& *''* & "#-!"'"&%!#< *";"&%!".*($" *) -"% *!" "-*&*$! < & -*&#"+"&-"< #!*(% # $( " '*%-*&8 # ( *&" -&&* " #"! '*(- -*&# > ( ("% * %"#"% -!&,"# &,".("#(:"* ' &!"*."";$'("8!#!''"&#"-#"&* ( '*(--*&#-&" "% *## "$ -"-*&*)$*&"!* "# *!"# "*)!""-*&*$8-!'*(--*&#! "&* &%-"%-!&,"#& "-*&*$-"&.*&$"& -*&# "!""##"&-"*) 8!# &*< -!"&$&%.&#?CCA%")&"$*&" '*(-#!*-:#%# &-" "$&&"+ *&*)!")*$ >!"" S S = f ( Ψ ) + σ ε 48? S S #!" &# $"& &!" %#'*#( *)!" $*&"!* "# )* ";$'("&& ""# "<#&!"";$'("*."< f #(&")&-*& 6 < Ψ #!"&)*$ *&#"! #.((" *$*&"!* "#>!"& S ##" 8!" 6'*##("& "'" *&*) f #! "'"#"& #!"$*&"!* 3#"-*&)&-*&8 B

S # *-!# - "$< σ ε <#$*&" '*(-#!*-:<>!"" ε #*!*,*&( D * S!""("$"& #*) Ψ &%&*$("% *!."&.&-"< σ S #")""% *#!" # &%% %". *& *)!" $*&" '*(- #!*-:8!"" ".*# "-*&*$- & "'" *&#*)!"'*(-#!*-:#M#*$"*)!"$",."&"(*>8 S *(*>&,!# &* " (8?CCA S ε ")("-# ";*,"&*# #!*-:# *!" &-(& *&#*)!"$*&"!* "#<>!-!$#"#&%*$-!&,"#&!" "(." >",!,."& * &)( *& &% &"$'(*$"& 8!"#" -!&,"# $ ")("-#!*-:# *!"'")""&-"#*)!"'*(-$:"#<* *!">",! #>!-!!".* "#",,", "%<&%$"-#"%#!) #&!"'*( -('*>"*) &%.%( $"$"# *) $*&"!* *!",*'#!!" "'"#"& 8!<!# &*&%-!"&$?CCE<")"&, *9 (?CC@<"$'!#"*& # ",-"!.**)$*&"!* "###*-"*)&## "$ -"!.*!,."##" *$*&" '*(-#!*-:#8&' -(!*#,"! $ "&!"& ""# *)'*(-$:"# *--*$$*% "'. ","& #3";'"- *&# "-#"&* %*&,#*$&,&%"#("* -*$"#)*!""-*&*$ @ 8& (< S ε $"*) "-!&-(& "8#!# &*" (8?CCA<")"&, *9"&&:" &%!*.?CC@<# "< ε $"'"#"& $"#"$"& "*&!""("$"& # *) Ψ 8 S &!"&(##*)$*&" '*(-*&"$&* #$'(-*&-"& "*&!"-*&# *)'*(-$:"#"-#"&!#-#"&)""&-"#$ &* *"&.(%#&*&1 $*&" %"."(*'$"& # &!" "-*&*$<! (#* &)("&-" '*(-$:"#3 -*&#<",&*"%8*<&*%" *''*-!!"&(##*)$*&" '*(-*&" D!##!"$*# )"+"& (#"%##$' *&&!"( " "8 @!" ";$'("'*.%"%!"!*##! &-#"*)!,! &)( *&";'"- *&#&* --*$$*% &, '. ","& 3#";'"- *&#$("% *"-"##*&8 E

!# * %# &,#! $*&" '*(- #!*-:# )*$!" "# *) #!*-:# *!" "-*&*$8 &!""-*&*$-( " "!"""#"."(# ","#)*#*( &,$*&" '*(- #!*-:#8>**)!"$<%#-##"%$*# )"+"& (<"%"#-"%"(*>8!")# *&"#,,"# #$:&,"&*,!%"& )&,##$' *&#&"-"## *"# $ "!" '$" "# *)!" "-*& )&-*& f 8 *(*>&,!" %"#-' *& *)!# ''*-! &!# &* " (8?CCA< &"-"## %"& )&, ##$' *&# &-(%" ##$' *&#* )&-*&()*$*) f <##$' *&#* -*$'*# *&*)& &)*$ *& #" Ψ < &% ##$' *& * '*(- &# $"& S 8 9"#%"#< ##$' *&#*!"& "*)!""( *&" >""&!"'*(-#!*-:&%!" "("$"& #*) Ψ ""+"%8&"''*-!# *##$"!!"'*(-#!*-:# *!*,*&( *!".("# & Ψ $#?CA5<?CC48 &!" ( " "!# ##$' *&## (")""% *# 8!""-*&*$-$"&&, *)!###$' *&#!!""#&*-*& "$'*&"*#(&:" >""&$*&" '*(-#!*-:&%"("$"& #*)!"&)*$ *&#" Ψ 8&*!"''*-!# * ##$"#*$"#'"-)-)*$*)"( *&#!'" >""&!"'*(-#!*-:&%.("# &!""-*&)&-*&8!#''*-!#""$# *"$*"#*'!# - "%#&-" *%"#" *)"-*&*$-"( *&#!# *"%"& )"%8*(*>&,!# &*" (8?CCA $*%"(# -*&## "& >! )*$" ''*-! -& " )*&% &!# &*< -!"&$&%.&#?CCE<* "$",&%=**%)*%?CCE<>!!"( " *&"I&9"&&:"?CAB<$#?CAB&%""'"<$#&%H!?CCB8!"#"-*&%# ",)*%"& )&,$*&" '*(-#!*-:#<# (#"%*&!" #*- ("%!# *-(''*-! B #"%*$"&%*$"?CAC<%*"#&* "+" ";'(- $*%"(&,*)!""-*&)&-*& f 8*(*>&,!"%#-##*&*)!# B*$" $"# #(#*")""% *#&."''*-!8 A

''*-! & 9"&&:" &%!*.?CC@ $*&" #!*-:# " %"& )"% >! %"-#*&#*)$*&"!* "# *-!&,"!"# &-"*)!"$*&" '*(-8!" % "#< >!"& #-! %"-#*&# " $%"< " ##,&"% %$$.("#! %")&"!"$*&" '*(-#!*-:&&"-*&*$" -$*%"(8!"$K*%>-: *)!#''*-!# #+(."& " %*"#&* -*&#%"!"# "&,!*)!" $*&" #!*-:9&" (8?CCB8=!&!#%"& )- *&# ",!""# (#* & ''*-! * %"& ) '*(- #!*-:# >! & $*."$"& # & $*&",,", "#**("&%&#"&?CCE<!# &*&%-!"&$?CC@8!" # $ % "#' "!" )-!!"" # &* -*$$*& *'&*& * ' -( #" *) ##$' *&#)*%"& )&,!""))"-#*)&";*,"&*##!*-: *$*&" '*(-!# &*<-!"&$&%.&#?CCA&!"#."*)!"( " " *&!""))"-#*)$*&" '*(-)&%!!" # " $ $$ $ $ % $ % &'!##,"&"("%#$$*))&%&,#*)$&"$'-(# %"#".">"%&!"#."M&%")"&& ""# "%"%" *!"*%*)!"!# &*" (83# ''")*%" (#&%)!"")""&-"#8!""# *)!##"-*&'*-""%#>!!" ".">*)!"( " "! )*-#"#*&&."#, *&*)!"";-!&," "-!&&"( *)$*&" &#$##*&$"-!&#$8 $"*# # %"#!." ";'(*"%!" $'- *) $*&" '*(- #!*-: *& ";-!&," "#8 %"& )&, ";*,"&*# $*&" '*(- #!*-:# & & *'"& C

"-*&*$-&("% *## & (%))-("# &!" &(###&-"<%))""& )*$!"-#"*) :<>!"&-*& ##*( "%)*$!""# *)!">*(%<&& *'"&"-*&*$$*&" '*(-$";'""&-"&$'-*&#*$"-#"#"."& "# *&,(&)("&-"%)*$* #%"8 -!"&$&%.&#?CC@&."#, "!"$'-*)#!*-:# *$*&" '*(-*&"(&%&*$&(";-!&," "#89#"%*&"-#."&"####$' *&!*# "$'(*!" )*(*>&,!"" $"#"# *)!" $*&" '*(- #!*-: *!*,*&("% #!*-:# *!" )"%"( )&%# "< *!*,*&("% #!*-:# *!" **)&*&**>"% * * ("#"."#&%-!&,"#&&%";*)$*&" '*(- #,,"# "% *$" &% *$"8 &!" # %!*# )&% #,&)-& (&: " >""& $*&" '*(- &% ";-!&," "#8 & ' -(< --*%&, * ";'*# *&# &!" ''"<!" )*(*>&, "))"-# *) -*& -*& $*&" '*(-#!*-:#"*#"."%8# <#,&)-& &%'"## "& ''"- *&#& ";-!&," "#< *! &*$&( &% "(8 "-*&%< #,&)-& %"' "# )*$ &-*.""% & ""# " ' 8 *(*>&,!# &* " (8?CCA< &%" &-*.""% & ""# " ' & &-"#"% %))""&-" " >""& & ""# "# -#"%-*& -*&$*&" '*(-#!*-:#!*(%"-*& "-"% ";'"-"% ) " %"'"- *& *)!" %*(8 *>"."< -!"&$ &%.&#3 "$'-( "#(# #!*>!!" *''*# " # " 8"8<!" ";'"-"% ) " ''"- *&*)!"%*(- ($,&)"#& ""# "%))""& (8 (&%*&?CC@''(&''*-!#$( *-!"&$&%.&#3 *&("!""))"-#*) $*&" '*(-#!*-:&&*&1E-*& "#8 &!"&(##!"!*##""-*&)&-*&#&>!-!& ""# "##"."# &# $"& # *) $*&"!* "#8!"!*#,"!" "#(#! " &-*&## "& >!)&%&,#*)-!"&$&%.&#8&' -(<!*#)&%! >!("&'*#."$*&" #!*-:#("% *''"- *&*)!"%*(<& E -*& "#!" "))"- # *''*# " 8"8< -"&- %"'"- "#8!*# ";'(&?5

#-! * -*$" *)!" &(## )# <!" )-! $*&" '*(- #,&)-& ( &)("&-"#!" %"-#*&# *) $*&"!* "# & E -*& "#< #"-*&%<&)( *&";'"- *&#8) "-*& *(&,)*!"#""))"-#!*# * &-*&."& *&("#(#8"8<-"&-''"- *&#*#"."%&%(#*)&%! -*& -*&#!*-: *$*&" '*(-("%# * "$'*) (&* ' 8 #!$& &% H!?CCE )* &%< &% (% &% " ("?CCE )* "$&#"$*%"(# *&("!""))"-#*)-*& -*&$*&" '*(- #!*-: *& "-*&*$-.("#8 ))""& )*$!" ("% $"& *&"% # %"#!"#"!*#&%*&"-#."&"####$' *&)*$!"&(#"#8& *! # %"#!*# ##$"!!" &)*$ *& #" # *) $*&"!* "# &-(%"$*&"#''(<";-!&," "<&%&%";*)>*(%-*$$*% '-"#8&!"# %)*&%& ""# "#(#*&-(%"%& *!""-*&)&-*&*) $*&"!* "#8 &-" # ##$"%! $*&" '*(- #!*-: # &* *!*,*&( *!""("$"& #*)!"&)*$ *&#" < -&&* ""-*.""%)*$& *%&("# #+"#","##*&8!"")*"<!"!*###$"!"";# "&-"*),*'*).("#! "'"%" "$&"%"(." *!"'*(-#!*-:&%#"!"#".("# # &# $"& # )* "# $ &,!" '$" "# *) $*&"!* "#3"-*&)&-*&#8&*!# %"#!*#)&%! -*& -*& $*&" '*(- #!*-: ("%# * ";-!&," " ''"- *&< ) ( & * ' &% $*&",,", "#<&%#"#& ""# "#8 9&<*%" <&% *K*&?CCB# %!""))"-#*)$*&" '*(-#!*-:# &!"&&"-*& "#*)!"*'"&&*&# <"&$:<&(&%<&-"< "$&< (<!""!"(&%#<'&&%!"& "%0&,%*$8!*##" $"!*%*(*,&%%*' "-#."&"####$' *& * "#!"$'* &-"*) %))""& &#$##*& -!&&"(# *) $*&" '*(-< 8"8 & ""# "< ";-!&," "< &% -"% -!&&"(#8 *& * >! *&" >*(% ";'"- )* *'"& "-*&*$"#<!# # % %*"# &* &%- "!!" ";-!&," " -!&&"(??

#,&)-& (# "&,!"&#!"$'-*)$*&" '*(-#!*-:8!*#";'(& #-!* -*$"!")-! $*# *)!"-*& "#&!"#$'(""$"$"# *)!"*'"& *&" # "$<&%!")-! $*&"!* "##"!"'*(- *-*& "!". *&#&!"";-!&," "#8!"#$" $"!" '")*$"% "# # #!*>!!" -"% -!&&"( ''" * " "))"-." &!" *'"&-*& "#<#-"%!# "&%"&- *-*& -$*"!&$*&"<& "#'*&#" *&",."$*&" #!*-:8#"$'!#"%!"!*#!#( " "#(%*"#&* #""$ *!*(%)*&-"&%"$&<!*>"."8 & $*" "-"& # % $" # &% =* "#?CCC #"!" ''*-! * &("!" "))"-# *) $*&" '*(- #!*-: *&!" "$& "-*&*$8!" &-(%"&!"&(##"(&%)"%"()&%# " *-' ">*(% "-*&*$-&%)&&-(-*&% *&#<>!-!!""("." *!."#,&)-& "))"- *& & *'"& "-*&*$ #-! # "$& *&"8!"!*# (#* %*'!" "-#."&"####$' *&&%##$' *&#!.("#-*& "$'*&"*#( -#"!" "$&.("# &%! "$& * ' &% &)( *& " -*& "$'*&"*#( '"%" "$&"% >! "#'"- * "$& & ""# " &% ";-!&," "8!"$&)&%&,#"#$$"%&!"''"#)*(*>#8# <!" & ""# " &%!" ";-!&," " -!&&"(#!." %))""& "))"-# *&!".*# -*$'*&"& # *) 8 =!(" #" & & ""# "# $&( ))"-#!" & ""# 1 "1#"&#." -*$'*&"& # *) <!" -*"#'*&%&, ''"- *& &!"";-!&," "&)("&-"#<$&(<&" ";'* #!*,!"(."'-""))"-#8# "#(!" & ""# " &% ";-!&," " -!&&"(#!." *''*# " "))"-# *& %"(&-">!("!")*$"("%# *&$'*."$"& *)!" %"(&-"<!" ( "%" "* "# 8"-*&%<!"";-!&," "!#&$'* & %"-"))"-*& $'* '-"#< $:&,!" &#$##*& *) '*(- #!*-: * '-"# $*" #,! )*>%!&&-(*#"%1"-*&*$$*%"(#8?4

!" "#"-!"# -*&%-"% )* "& ( &% # "& *'"& -*& "# -*&-"& "< '$(< *& &."#, *& *) & ""# " &% -"% -!&&"(# *) $*&" &#$##*& E 8$*&,# %"#! )*-#(#**&";-!&," "-!&&"( " *.-:?CCC< 9-! 455? &% " (*. 455?)* (*.:<. &%!& "#'"-."(8 =!("!" )*$" >* # %"# %* &* )&% -*&-(#." ".%"&-" *)!" ";# "&-" *) ";-!&," " -!&&"( & (*.: &%.!" ( "*&"&%- "#! ";-!&," "!."#*$"$'-*&&)( *&&%&!&8 &".< *(&<N#:&%=*O&:4554&."#, "$*&" &#$##*& &8!"!*#"$'- (##"##!"# "&,!*)& ""# "&%";-!&," " -!&&"(# )*?5 &# *& "-*&*$"# *) A 8 * --*& )* '*##(" ";"&(#!*-:# *$*&" '*(-&!"#"-*& "#!"&-(%"&!"&(## # ";*,"&*#!" )*(*>&,.("# *'"& &*& &%# ( * ' < *'"& &*& < &% * " & ""# "8!"!*# &%*& "-#."&"## ##$' *&< &% ''(!" -*&-"' *),"&"("% $'(#" "#'*&#"# C 8!"* -*$"#*)!"# %'*& *"(."$'* &-"*)& ""# &% ";-!&," " -!&&"(# & $*&" &#$##*& &!" ",*&8 * $*# -*& "#!"";-!&," "-!&&"(''" *"# *&,"&%$-!$*"# ("!"&!"& ""# "*&"8&!##"&#"<!""#(#"#$( *!*#"*)$" # &% =* "# )* "$&8!"!*# )&%! )* $*# -*& "# "#'*&#"#*)&)( *&"-*&## "& >!!"!"*&%*!""$'-(# %"#< 8"8& ""# "#"%"-"#"#&)( *&>!("!"";-!&," "%"'"- *&!# & *''*# " "))"-8!" ( " (#* -*&-"&# * ' "#'*&#"< 8"8 '*%-*& &-"#"##";-!&," "%"'"- "#8 E""&"." (845548 A!" "#"-! # -*&%-"% )* 9(,< "-! "'(-< # *&< &,<.<!&< *(&%< *$&<(*.:&%(*."&8 C*")""&-"# *!"( " "-*&-"&&,!#-*&-"' #""&"." (845548?6

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

";'* &%$'* '-"##>" (#.*($"#*)";'* #&%$'* #$ & (#") "-*& -*&$*&" '*(-#!*-:8)!## "!& #'*##("! ("# &!"#!* && &# *&"-*&*$"#,*."&$"& #> (&* )-"&""% *#-)-"-*$'"."&"##&";"&( #"-*# *)!" "-*&*$"# & *%" * -!"." $-*"-*&*$- # ( *&&!"-*& 8 *"#$*&" '*(-#!*-:# &#$ "%.";-!&," "&%& ""# " -!&&"(# *)!." #$( $'-# *& "-*&*$- -. $"#"% & -*& P )!" #,,"# *&# &!" *."!'*!"##!*(%< #'*(! $*&" '*(-#!*-:# &#$ "%. ";-!&," " &% & ""# " -!&&"(# *) > ( %))""& ( &)("&-""-*&*$--. &!"-*& 8=!("#!*-:# &#$ "%. & ""# " -!&&"( > ( "&% * "%-" &%# ( '*%-*& "-#" -*# *)&."# $"& &-"#"#&%> (&",."(&)("&-"<#!*-:# &#$ "%. ";-!&," " -!&&"( > ( '*#."( &)("&-" %" (&-"&%!#> ( "&% *$'*."8 &(## # -"% * #&,!" *(#! "-*&*$ % 8!" -!*-" *) *(&% # $*. "%!" )-!!# -*& -& " -*&#%""% # "'"#"&."";$'("*)!""-*&*$& &# *&?5 &%!# > (" '*##(" * $:" #*$","&"("% &)""&-"# )*$!" * &"% "#(#8!" -!*-"*)*(&%!#(#*&%% *&(%.&,"!!"-*$'(" "#" *)% &""%"%)*&(###.(("8?5#!"&(##&!"##"+"& #"-*&#!*>#!" &# *&'*-"##&*(&%-&&* "-!-"#"%# #,&)-& (%))""& )*$!*#"&!""# *)!"-*& "#&!"",*&8?E

&!#' *)!">*: > ("#!*>&! "-*&*$-"&.*&$"& &>!-! $*&" '*(->#-*&%-"%&"& (&%# "&*'"&-*& "#&!" ",&&&, &% $%%(" *) &&" "# ># ) )*$ /&"*-(##-(2 -*&% *&#8 & ' -( > ("%"$*&# "%! )# "#*) &# *&&",*&>"" -!-""%&%"%"."(*'$"& *)$:" &# *&#&%(",(",( *&#I >!-! " :"# *&"# * #--"## & "-*&*$- &#)*$ *& I &%!#!" $*&" '*-"##"#! **: '(-" & 3# >"" *) "& &)("&-"% ";*,"&*# &*&1"-*&*$- )-*#! #"*#( "&%""%!" "))"-."&"## *) % *&('*(- **(#8!"''*#"*)!#-!' "# *'*.%"#*$".((" &#,! & *!"'"-( "#*)"-*&*$-"&.*&$"& & &# *&'"*%&% * "."(!"($ *&#)*!")*$(&(##*) &8 )#* $#% (#( &!"",&&&,*) &# *&'"*%&!""(&&" "#($*# (-"& (&:# *)",*&I&-(%&,93#*)*(&%<"-!"'(-<&,<(*.:< (*."&<9(,<*$&&%9(- "#I%"-("%# ( *)!"& *&( -"&-"##!"$&,*(*)$*&" '*(-8#&"." (84554&!" # %*) &# *&'*-"##&-*& "#'*& * %"#' "!"%"& -(,*(# *)$*&" '*(-!"* -*$"#>!"#'"- *&)( *&>""%))""& -*## -*& "#8 & ' -(!*# '*.%"!" )*(*>&, -*$'." # # -#8 =!(" %&,!" '"*% )*$?CC6 * 4555 "-! "'(- &% (*.:?A

$&,"% *$& &&.","&&( "*)&)( *& ("."("(*>?5Q!" -*"#'*&%&,&%- *#)**$&&%9(,";-""%"%E5Q8!"%.","& '")*$&-">! "#'"- *,*>!>#(#**#"."%%&,!"#$" '"*%-*##-*& "#89!""&%*)4555&&,<*(&%<(*.:&% (*."&,"> $*"!&4@Q#-*$'"% * #("."(&?CC68 * "-!"'(-<# *&<.&%*$&!",*>!*)!"$&&%- * *) "-*&*$- -. ># #$ (" &% &* ";-""%"% 4@Q8 * 9(, &%!&!"">#<- (<*#"."%%"-(&"&"-*&*$--. &%"; "(*>?558 ",%&, $*&" &# $"& #!"" ># "&%"&- &!" ",*& * #!) *>%#!"#"*)$:" 1#"%*&"#! "-*$$*&&="# "&*'"& -*& "#8&,!")# "#*) &# *&$*&"!* "#&#*$" -*& "# $&( "("% *& %$&#." **(#< #-! # -"% -"(&, &% ")&&-&, *&&,?? M!" #"-*&%!() *)!" &&" "#<!*>"."< ($*# ( -*& "#?4 %*' "% % *&( $:" &# $"& # I *'"& $:" *'" *&#< %#-*& "#&%"#".""+"$"& #&"." (845548 &, (# %"-%" -"& ( &:# & ";'(* "% %))""& # ","# >! "#'"- * *'" &, &% & "$"% "," # *) $*&" '*(-8 & #*$" -*& "#!"#" # ","# >"" '"## "& & *!"#!" -!&,"% #"."( $"#8 *";$'("<)*(*>&,&"." (84555<$*&"$:" "&&,<&% $*&" #" & (*.: &%. >""!" *&( *'" &,," # #"% &!"#"-*& "#%&,!">!*("'"*%*) &# *&8!"#$" $"93#*) *(&%&%"-!"'(--!&,"%!"'")""&-"#*)!"$*&" '*(-"# #"."( $"#8 & *(&% $*&" $:" " #"."% # & *'" &,," & '"*% )*$?CC6 *?CC@8 &?CCB I?CCE ># "'(-"% &: "#"."#??9(,& (?CC6<*(&%& (?CC4<"-!*#(*.:")*"?CC48?4!"";-"' *&#>""!"-*& "#>!-"&-*%",$"#8?C

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

%"'"&%#*&!"#"*)!"-*& <$:&,!"%.&,",,")*!*#"!.&,!,!%",""*)*'"&&"## *!"& "& *&( %"3?E 8 ;-!&," "",$"#"$'* & )*!"$*&" &#$##*&& &# *& -*& "#8 # *) (< # &*"% $" # &% =* "#?CCC<!" #'"- *) *'"&&"##*)!""-*&*$"##,,"# #!!"& ""# "-!&&"(#&!" $ " #''("$"& "% #,&)-& ";-!&," " -!&&"(#8 &!# -#" # $'* & * :&*>!" $'- *) ";-!&," " )(- *&# *& * ' &% &)( *& & *%" * -*&%- #--"##)( $*&" '*(-8 & %% *&< &".< *(&<N#:&%=*O&:4554,"! & &# *&-*& "#";-!&," "'*(-"#$!."#,&)-& $'-*&!"("."(*)-"&-## *&8 9!" ( " $ # *&,( &)("&-" "))"-."&"## *) $*&" '*(- &# $"& #8 ;-!&," " ",$" # (#* *&" *)!" $'* & )-*#! %" "$&"!" -."&"##*)!"&."# $"& -($ "&!"-*& 8 (,&#"!$ &" *)!" $*# %# &-." )" "# *) "-*&*$- &#)*$ *& %&, &# *& '"*% #! < %))""& )*$ "-*&*$- ")*$#< &#)*$ *& #,,"# #-%&(-!&,"#&($*# ("#*)"-*&*$-<'*( -(<&%#*-(()" *)!" -*& 8 -! -!&,"# " # ( --*$'&"% "$'* (*## *),*."&$"& (-*& *(*."!"'*-"##"#! :"'(-"&!"-*& 8!#("%# * #-! # *& & "-*&*$- "&.*&$"& >!"& &*&1"-*&*$- ";*,"&*# )-*#$&)("&-"!"%"-#*&#*)'*(-$:"#"&%"&, % *&('*(- **(#("##"))"-."8 &" *)!" '"-( "# *) $*&" #"-* %"."(*'$"& & 3# &!" ",&&&,*)?CC5! >#!"&"-"## *(% >*1 "&:&,## "$##$( *?E9(- "# 44

!*#"&%"."(*'"%$:" "-*&*$"#8&%"#*-(# ",$"&:&,## "$#& ($*# (-*& "#>""-*$'#"%*)#&,("# "&:<>!-!'")*$"%!" )&-*&# *)!" -"& ( &: &% (#* '*.%"% -"% # )* # " *>&"% "& "'#"#<&%#"."(##%&:#<>!-!#"."%#'"-)-"#*)"-*&*$- -. (:" & "& *&( %" &%!*#"!*(%#3 %"'*# #8!" %# *& *) -"% #&#-!:&,## "$>##"%*&%"-."#*)-"& ('(&&"#&%&* *&!" ## *)!" -"% >*!&"## *) "& "'#"# # # -*$$*& & $:" "-*&*$"# 0 & &% 9%?CCC8 # -*&#"+"&-"< &!" ",&&&, *)?CC5!!"&">("# (#!"%-"& (&:#&-*& "#&!" "%," %"( *) % (*&# )*$!" #*-(# -*& "' #8!#< #-! & *' *& # &%"'"&%"&-" *) -"& ( &:# & -*&%-&, $*&" '*(- -*(% &* " #--"##) ( ";'(* "% %&,!" )# "# *) &# *& # %"-#*&# $%" $*&"!* "# >"" )"+"& ( &)("&-"% * #%" %" *# $&( )*$"# "*>&"%"& "'#"#8#"#(*)#-!# *&*&"-*(%*#"." &-*&## "&-"# & $*&" '*(- *) 93# *) -*& "#8 *$" ";$'("# :"&)*$&"." (84554"'*.%"%"(*>8 *$$ $"& *)!"&,& *&(9&: *);"%";-!&," "",$"&!")#!()*)?CC5! >#&-*&)(->!*!",*(#&%-*&#*)*!!" )#-(&%!"$*&"!* "#! "#("%&-"&-%".( *&&$*"!&46 $"#%&,!"&$"%'"*%8&?CC4!"'*(-*)!"9&:*). *%"-"#"&)( *&!*,!"(."(!,!& ""# "#<>#&-*&## "& >! #%"-#*& *,& %"-(*&# *!",*."&$"&! >#!"'"-*&% *&)* &)( *& $'(#"8 =!"& & >* "#!" 9&: *). "% * # $( " "-*&*$-,*>!>!(*>& ""# "# #";'&#*&'*(->## "("%!"-*&#*)!",*."&$"& >!-!# "% *" &!"--$( "%%" 8!"&-*&## "&-"#&"!.**)93#&",*&'*.*:"%!"$'- *)&*&1$*&" ";*,"&*#)-*#&!"",&&&,*) &# *&'"*%$"& 46

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

$*# >%"( #"% **( &!" ( " " )*!" &(## *) $*&" &#$##*&$"-!&#$#!"."-* *","##*&8#!# &*" (8?CCA &*"< # -*&."&"& %".-" )* #$$&,!" )# &%!" #"-*&% $*$"& '*'" "#*)!"% 8!##"-*&# #>!!"%"#-' *&*)>! #&%!"&%#-##"#!"%"& )- *&'*("$&.*(."%&$"#&,!" %&$- "#'*&#" *) "-*&*$-.("# * $*&" '*(- #!*-:8!" ";'*# *&#&%";'(& *&# ",%&, $"!*%*(*,-(' *)!#-!' " " %*' "%)*$!# &*" (8?CCA#!""-$"# &%%&!"( " "8 - $$% #! *&#%" 1%$"&#*&( *","##." '*-"## "+ *&# ' 1 1... q q, ( ) X < %")&"%!" )*(*>&, X = B X + + B X + Φ D + u E u u = Ω D8? >!""##&*&&",."& ","&% u ## *-!# - "$<&-*"( "%>! (.("# % "% 1 &% "("8!" %" "$&# - "$ D -& -*& & -*&# & < "&%&%%$$.("#<&%(#**!".("#! "##$"% * " '"%" "$&"% >! "#'"- * "("$"& # & ";'*# *&#> (*$ X 8 * #$'(- *) )!" ΦD &D8?&%>!* (*##*),"&"( > (##$"! *&"*)!""("$"& #*) X #%"& - ("+( *& 8*(*>&,!# &* " (8?CCA-*&## "& "# $ "#*)!" Bi 3#-&"* &"%&&&, 4B

"+ *&"+ *&*&D8?8!""# $ "*) Ω $ ;!"&-&"* &"% )*$"#%(#""#,"&" "%&!")# # "'8!# &*" (8?CCA,"! "."&) Bi 3#<!" u 3#&% Ω ":&*>&< # # ($'*##(" *-(-( "!"%&$-"#'*&#")&-*&*) X *!"$*&" '*(-#!*-:8!""#*&#! u #!"*&"# "'!"%)*"-# "*& X 8." "("$"& *) u ")("-#!" "))"-# *) (!" "-*&*$- #!*-:# &% *&" -&&* "#"! &"("$"& *) u -*"#'*&%# *#*$"' -("-*&*$- #!*-:<)*";$'("<$*&" '*(-#!*-:8!" ###$"%! %# &-"#"( " *"-*&*$-#!*-:#< ε <# ' )*(*># C0u = ε 8 C0 #&&." ("#+"$ ;&% E( εε ) = R<>!"" R #'*#."%")& "$ ;8## "%&!# &*" (8?CCA!#-*"#'*&%# *!"##$' *&!!""-*&*$-#!*-:#-&""-*.""%)*$)& "(# *) -"& &%'# X 3#8"$('(- *&*)D8? C0,."# C X = C X + + C X + ε D84 0 1 1... q q >!"" Ci # p p $ ;*)-*&# & #< i = 1, q &% &!#-#"!""#'*&#"*) B = C C, i = 1, q, Ω = C R( C ) D86 i 1 1 1 ' 0 i 0 0 X + h *& #!*-:& ε <ϕ h<-&"-*$' "%# #!*>&"(*>8) ϕ h #!"#*( *&*)!"%))""&-""+ *& >!& (-*&% *&# ϕ = B 1ϕ 1 +... + B ϕ, h = 1,2,... D8D h h q h q ϕ = I, ϕ = ϕ =... = ϕ = 0 D8@ 0 1 2 q!"&< ϕ 1, 0,1,... h = ϕ C h h 0 = D8B 4E

*."<!" ( j, l) "("$"& *) ϕh "'"#"& #!""#'*&#"*)!" h j "("$"& *) h X + h *& #!*-:&!" l "("$"& *) ε 8!" ϕh 3#!#<-!-""!" $'(#""#'*&#")&-*&#*)!""("$"& #*) X *!""("$"& #*) ε 8 "( *& D8B "+"# :&*>("%," *) C0 # >" ( #!" Bi 3# * "&(" -*$' *&*)!"$'(#""#'*&#")&-*&8=!(" Bi 3#-&"* &"%)*$ ("# #+"#"# $ *&*)D8?<," &, C0 #$*"-*$'(- "% #:8!"*&(.((" &)*$ *& * C0 #! #*(."#!" "+ *&# & D868 9 "+ *&#&D86-&&* "&$,*#(#*(."%>!* $'*#&,%% *&( "# -*&#*& C08--*%&, *!# &*" (8?CCA!"( " "*& # ($'*#"#!""# -*&!!")&%$"& ("-*&*$-#!*-:#" &-*"( "%<8"8 R #%,*&($ ;<&%'(-"#&*"# -*&#*& C i < i = 1, q 8."&!#&%>!#"&-"*)&%% *&("# -*&#*& C0 *&"-&#" R = I D8E =! &"# -"% Ci 3#<!" "+ *&#,."& C0Bi = Ci < i = 1, q '*.%" &* &)*$ *& * C0 8 "( *&#!'< Ω = C ( C ) -*& &# ( &)*$ *& 1 1 ' 0 0 * C0 8!"#" *)#*( *&# *!#"+ *&-*& &#<- (<$&"("$"& #8!# # "-#" C0!# 2 p '$" "#>!("!"#$$" -$ ;< Ω <!# $*# p( p + 1) / 2%# &-"("$"& #8!#<!"#" *)#*( *&# * Ω = C!" #" *) #*( *&# * p( p + 1) / 2 "+ *&# & p > 1<!"""$&#*( *&# * Ω = C 1 1 ' 0 0 ( C ) # 1 1 ' 0 0 2 p &:&*>&#< &% )* & ( C ) <8"8!""#&%"& )- *& '*("$8**."-*$"!#'*("$*&"&""% p( p 1) / 2%% *&("# -*&# *&!" 2 p "("$"& # *) C0 8 -*&."& *&( > * %%!"#" k( k 1) / 2 "# -*&## *##$"! C0 #(*>" &,(&%$'("$"&!"!*("#: 4A

%"-*$'*# *&*)!"$ ; Ω 8*(*>&,9&" (8?CCB!###$' *&!# "-*$" # &%% #&-" ># & *%-"% $#?CA5<?CC48 ( " ( $"&#!!""#%(# ε ")*$"-#."## "$8&-"!""-#."&"## ##$' *&#!"$*# )"+"& (";'(* "% **(&!"( " ")**."-*$&,!"%"& )- *&'*("$ %"#"."#-(*#"(**:!"" 45 8 &*%" *"# $ "!""#'*&#"*)"&"-*&*$-.(" *$*&" '*(- #!*-:*&"$)*(*>!" >*1# "''*-"%",."&"(*>8# <," "# $ "#*)!" '*(- #!*-:# >!-! "!" "#%(# )*$!" *%& ("# #+"# ","##*& *) S *&!" "("$"& # *) Ψ 4? 8 "-*&%< "# $ "!" %&$- "#'*&#"*).(" *$*&" '*(-#!*-:","##&,!#.("*&!" -"& &% (,,"%.("# *) ) "% "#%(# )*$ # "' *&"8 #,"% &!# &*" (8?CCA!"*." >*1# "''*-"%"-&"## "%>!& #$' * - ( "+.("& 1#"% '*-"%"8!" '*-"%" -& " -*&#%""%#'"**&"#&-"!"('# *'"#"."!"%",""#*))""%*$8* #""!#<K# &* "! >*1# "'''*-!$'("#! *&"(*#"&$"*)& ( % '*& # "+( *!" &$" *) %&$- "#'*&#"#!!"S#!" >#!"# * "# $ "<'(#!"&$"*)(,#< q <& Ψ 8=!!"'*-"%"*&"*&( (*#"#!" ( "8 * #!*>!*>!" "-#."&"## ##$' *& "# -# C0 &%!"('# **."-*$"!"%"& )- *&'*("$!# &*" (8?CCA'*.%"!" )*(*>&, ";'*# *&8 *& X & *!"" (*-:#!" p1.("#< >!*#"-*& "$'*&"*#.("#''"& Ψ <!" p2.("#< ''">!(,& %$"&#*&*) X 8! # X 2 X 1 < <>!-!*&( Ψ <&% S #"()8!"&< p = p1 + p2 + 1<>!"" p #!" 45#-##*&-*& &" *)*(*>";'*# *&#*)!# &*" (8?CCA 4?"""+ *&48? 4C

X X 1 = S X 2 #-*&#%""%! p1, p 2 > 0<&%! >!"& p 1 = 0 <#*! X1 ##"& )*$!" %")& *& *) X < p 2 > 0 M &%.-"."#< ) p 2 = 0 < p 1 > 0 "-#."&"####$' *&$'*#"#!")*(*>&,"*"# -*&#*& C0 c 0 0 11 ( p 1 1 2 1 p ( 1) ( ) 1 ) p p p 0 = 21 22 0 (1 p (1 2 ) 1) (1 1) p C c c c c c 31 32 33 ( p2 p1 ) ( p2 1) ( p2 p2 ) 8!" D8A *."<";'"##*&#&'"&!"#"#&%- "!"%$"&#*&*)!"-*"#'*&%&, $ ;&% c22 = 1/ σ s <>!σ s > 0 8!""*#&!"$%%("*>*)$ ;D8A &%- "!!"'*(-$:"%*"#&* #"" X 2 >!"& S ##" 8!" >*"* (*-:#&!")# *>*)D8A")("-!"##$' *&!!"$*&" '*(- #!*-: # *!*,*&( *!".("# & X1 8 & '&-'("!" "-#."&"## ##$' *&#&* #))-"& *%"& ) (!""("$"& #*) C0 8!##"-#"!" )# p1 "+ *&# " &%# &,#!(" )*$ "-! *!"< # "!" (# p2 "+ *&#8 *>"."<!" "-#."&"## ##$' *& # #))-"& * %"& )!" *K"-*)& ""# <8"8!"%&$-"#'*&#"*)!")*(*>&,!""'*'*# *&#%" "$&"! X *$*&" '*(-#!*-:8?!"" # &*&"$' )$( *) C0 $ -"#< *&" *) >!-! # (*>" &,( >! '*#." "("$"& # *&!" %,*&(< >!-! " -*&## "& >!!" "-#."&"## ##$' *& 8"8< # #) D8A &% # #) Ω = C ( C ) 8 1 1 ' 0 0 65

4 -! $"$" *)!# )$(,"&" "#!" #$" %&$- "#'*&#" )&-*&*)!""("$"& #*) X *$*&" '*(-#!*-:8 6 )*&"%*'!"&*$( *&*)(>##"("-&,!"(*>" &,( C0 $ ;%"& )"%&'*'*# *&*&"<!"&!"%&$-"#'*&#"*)!".("#& X "&.& *!"*%"&,*).("#& X1 &%!"'**)*)!"#"'*'*# *&#-&")*&%&!# &*" (8?CCA<'8?B8 X 2 8 --*%&, *'*'*# *&#?&%4<&%"!""-#."&"####$' *&!"% "-*&## "& >!&"& ")$(*) C0 $ -"#8"#' "!")-!!!" "-#."&"## ##$' *& # &* #))-"& * ".( "!" %&$- "#'*&#" )&-*& *)!".("# & X * "." "("$"& *) ε < "-! C0 &!" "& " )$(%*"#,"&" "!"#$""#'*&#" * ε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

* ' < ip EA <&%!"*"$*&"$:" & ""# "< r EA 8!"#".("# "&-(%"% *-' "!"*'"&"-*&*$-&%)&&-(-*&% *&#>!-! " ##$"% *!." #,&)-& "))"-# *& *'"& "-*&*$"# *) 8 &!" ##"+"& &(## ##$"!!"#".("# " ";*,"&*# *!" *(#!.("#&!"$*%"(8&*!">*%#< ###$"%! *'"&* ' &% & ""# " &)("&-"!".("# *) *(#! "-*&*$<!"" # &* )""%-:)*$!"( " *!")*$"8!"#"-*&%,*'*).("#-*&## #*)!" >*,*(.("#*)!"9!" *(#!&%# ('*%-*&< ip <&%!"*(#!-*&#$"'-"&%";< cpi 8!"!%,*'&-(%"#!")&&-(.("#>!-!-' "!"# &-"*)$*&" '*(-&&*'"&"-*&*$!"9(*$%*%#-*& " 44 < r <!"$*&" $:" & ""# " r &%!""("))"-."";-!&," "< er 8& (<!"(# m,*'-*&## #*)";"&(#"-*.("#! "&-(%"%&!" *&("!""#'*&#" *'*(-#!*-:8!#,*'&-(%"#&*$&( %"(&-"< nx < $'* '-"#< &% mv "#'"-."(8 mp <&%";'* '-"#< xp <.*($"#*)";'* &%$'* < d xv 9"-#"*)#$ (#$'("-*&# & <$*%"(> (& (-*$'#"*)!"" (*-:#<>!-!>""$"& *&"%)# 8&!""&-!$:$*%"(!"!%(*-:> ( &-(%"*&(%#-*& ".("< r 8&%"#-!#'"-)- *&#"-*&%&%!% d (*-:#-*$&"% *,"!"";'(- ($*%"(!""-*&)&-*&*)98 #&,!"# &%%&* *&<!""&-!$:1$*%"(-&"> "&# 44!##&*))-(&# $"& *)$*&"!* "#&*(&%8 64

ip ip 1 ip q EA ip cpi = B1 cpi 1 +... + Bqcpi q+ Φ u EA + D8C 46 d d d r r r 1 r q (*!".("#&* &-(%"%& *!""&-!$:$*%"(> ( "%%"%& * &(##*&"*&"&%!")*(*>&,$*%"(#> (""# $ "%8 ip ip ip 1 q EA cpi cpi cpi 1 q ip = B 1 +... + B m m q m + Φ u EA + D8?5 r r r 1 q r d d d r r r 1 q ip ip ip 1 q EA cpi cpi cpi 1 q ip = B 1 +... + B q + Φ u EA + er er er 1 q r d d d r r r 1 q ip ip ip 1 q EA cpi cpi cpi 1 q ip = B 1 +... + B d d q d + Φ u EA + r r r 1 q r xp xp xp 1 q ip ip ip 1 q EA cpi cpi cpi 1 q ip = B 1 +... + B d d q d + Φ u EA + r r r 1 q r mp mp mp 1 q ip ip ip 1 q EA cpi cpi cpi 1 q ip = B 1 +... + B d d q d + Φ u EA + r r r 1 q r nx nx nx 1 q D8?? D8?4 D8?6 D8?D 46""&%)!"-*&# & "$#*$ "%)*#$'(- *)";'*# *&#8 66

ip ip ip 1 q EA cpi cpi cpi 1 q ip = B 1 +... + B d d q d + Φ u EA + r r r 1 q r xv xv xv 1 q D8?@ ip ip ip 1 q EA cpi cpi cpi 1 q ip = B 1 +... + B d d q d + Φ u EA + r r r 1 q r mv mv mv 1 q D8?B &*%" *%"& )!"$*&" '*(-#!*-:#)*$!""%-"%1)*$"#%(# & $*%"(# D8C I D8?B< #" (*-:1"-#." %"& )- *& #-!"$" # &!# &* " (8?CCA8 &!# #-!"$" &%# ( * ' < ";-!&," "< er &% $*&" $:" & ""# "< ip < &)( *&< cpi < m r < " ##$"% * " -*& "$'*&"*#('"%" "$&"%>!"#'"- *$*&" '*(-&# $"& < d r 8&*!">*%#<9-"& %#-*& "$"#'*&% *-"& * ' < &)( *&< ";-!&," " &% $:" " #!*-:#< &*.-"."#< 8"8 '*(- #!*-:!#*&((,,"%"))"-*&(# "%.("#8!##'(#("##$' *&)*!,!1)"+"&-% 4D 8 #$,! "-$"*.*#)*$!"*."%#-##*&&!"##"+"& &(## $*&" '*(-#!*-:> ("%"& )"%#&"* "$)*$ d r "+ *&#&!" $*%"(# D8C I D8?B8 9";'(- ( &-(%&, & * &(##!" ";-!&," "&%$*&"$:" & ""# " *-' "!")# # "'*) $*&" &#$##*&8"8<!" &#$##*&)*$!"$*&" "&.*&$"& * m & "$"% ".("# er &% r &!#' -(-#"8!## "'*)$*&" &#$##*&## (&* &."#, "%"#"-!"#&!""$'-(# %"# #$'(##$"% *";# 8*>"."";'(- ($*%"(&,!")# # "'*)$*&" 4D&!""$'-(&(##$*&!(% ##"%8 6D

&#$##*&'*.%"##"."(%.&,"#8# <!"%"& )- *&*)$*&" #!*-:##$'()"%&!#-#"8"-*&%< "-*$"#'*##(" *##"##!"# "&,! *)%))""& &#$##*&-!&&"(#8&-"&!"*."#'"-)- *&#<*! $*&"$:" "&%";-!&," """;'(- (&-(%"%&!"$*%"(< > ( "'*##(" *-*$'"!"# "&,!*)& ""# "&%";-!&," "-!&&"(#*) $*&" &#$##*& -*$'&,!" "#'*&#"# *) -*"#'*&%&, & "$"% ".("# *$*&" '*(-#!*-:8!"";"&(#"-*.("#" *%""% K# ) "!" %#-*& "< #&-" # ##$"%!!"!." &* -*& "$'*&"*#"))"-*&$*&" '*(-8 6@

4@ *# % #""# *& *(&% #"% & "$'-( &(## -*$" )*$!" & "& *&( *&" &%3# & "& *&( &&-( # -# #"8)!" % >""&*.(("&!"!"-*&*$# #& " (,"&-"& #"&%!" *&( 9&:3# *) *(&% '(- *&# >"" #"%8 * " % #""# -*$" )*$ *'"& "& ( 9&: #"8 ( $" #""# " & $*&!( )"+"&-&%-*."!"'"*%F&?CC@I"' "$"4554#*<!"""C6 $*&!(*#". *&#8 &( &"(*>)*(*>#-*$'(" "(# *).("##"%&##"+"& &(## >!&%- *&*) ( &#)*$ *&#*)% 8 #./01,, "$ %!, " ( $ # $ 03 *" ( 4 *" $ # $ *(&%! $+ *(&% ( 4 *(&% $ + IP 4 EA 2 &%";&$"<?CC@T?55 $!!$# $ %!% $ ip EA EA = log( IP ) R EA EA EA Q'"&&$ r 1 R /100 IP CPI &%";&$"<?CC@T?55 &%";&$"<?CC@T?55 ip cpi = + = log( IP) = log( CPI) m m m R Q'"&&$ r 1 R /100 )*+ 4@ (-(-( *&#&!#&%##"+"& #"-*&"$%">!">#D8?#*) >"8 = + 6B

#./01,, "$ %!5$3, " ( #%& +,!# $ # *(&% *(&% $ + ER 2 &%";&$"<?CC@T?55 $!!$# $ %!% $ er = log( ER) d d d R Q'"&&$ r 1 R /100 = + *(&% NX $(&8 nx log( NX ) = &%";&$"< +" *(&% XP?CC@T?55 xp = log( XP) &%";&$"<!" *(&% MP?CC@T?55 mp = log( MP) -#!% &%";&$"< *(&% +" XV?CC@T?55 xv = log( XV ) -#!% &%";&$"< *(&%!" MV?CC@T?55 mv = log( MV )?,&( $"#""#"#"#*& (%K# "%8 4 # <9"(,$<&(&%<&-"<"$&<""-"<"(&%< (<;"$*,<"!"(&%#< *,(<'&<"&$:<*><>"%"&<> "(&%<& "%0&,%*$8 1 (#""#<";-"' & ""# &%";-!&," "#<&%*"&%# ('*%-*&<>"" #"#*& (%K# "%!"!*#&,$*S" #'*-"%"&">#D8?#*) >"8!"<!"& ", *&&(## *)!"% )*(*>#8*!# ''*#"! ('#1 "*&& ** "# <>!-!#-*&#%""% *"#'"* *-*&."& *&( "# &-#"*)'*##( *)# -(-!&,"#&!"% <#"$'(*"%8 :&, & * --*& $*&!( )"+"&- *)!" % < "# # # -# " -(-( "%#&,$;$$(,*%"*) >"(."&%<#&-"!"($ "%#$'("#" #,,"# #!" #" *) '#$*&*# $*%"(#<!" 9"#& &)*$ *& "*& 9#-!*#"&#!"*&"! &.*(."#,,"'&#!$"& )*%%&,","##*# *!"$*%"(8!""#(#*)!"&(##"#$$"%&( &"(*>8 6E

#./61#"7 # $ & # #"7 28 " ),-.,,- +/ 0&1,.0&2 "."(S(,? # US(,? %"*) & ", *& #"7 28 "$# $ ),-.,,- +/ 0&.0&2 "."(S(,? # %"*) US(, & ", *& EA IP 158C@S5 1??8BDS5? 1?8D5S5 1??8BCS5? EA R 1?8A5S5 1?684?S@? 1?8A6S5 1?58B5S5? IP 1?8DAS? 1E8?4S5? 1?8@CS? 1E84@S5? CPI 1?8C6S6 168@CS4? 1684CS6 1@8BCS5? ER 1?8CCS? 1B86DS5? 168DAS? 4 1B86BS5? m R 1585BS5 1??8D6S4? 1485?S6 1?58C6S4? d R 58?@S5 1D8@4S4? 1?8CBS6 1D8SDCS4? NX 168@5SD 4 1?6@86CSE? 148BDS? 1?6?84ESE? XP 1?8A4S6 14D84?S4? 1?845S6 1468DCS4? MP 1?8C?S5 1??86?S5? 1?8C6S5 1??8@5S5? XV 158ACS5 1A8CBS5? 148?BS5 1A8CDS5? MV 148DBS6 14@8C?S4? 148?ES6 1?@854S??? U%"&* "#%))""&-" 4 *&&%"@Q("."(*)#,&)-&-"!"*."),"#&%- "! "# "%.("#"& ", "%*)*%"*&"< I (1) < *!*&%-*&# & &%(&" "&%8! ('#1"*& "# "#(#'*& *! ''(- *&*)&("."(##&* &''*' "$"!*%*(*,)*!"&(## *)!"%!&%8#"-*&*$" -!"*-($#<","##&,!"("."(#*)#""# >!-! # I(1) *&!"("."(#*)*&"*$*"*!"#""#>!-!"(#* I(1) #,"&" (&*,**%!&, *%*8 >*# <"#"-!"$* &&"& "( #'*#"( *&#!'8 "# <!"*#!"$-*&## "& ("# $ "!""("$"& #*) #*$"-*& ", &,."-*< #&-"# &%%#$' * -!"*#&* ''(-(" *#-!"# $ "#< > ("$'*##(" *$:"-*"-&)""&-"#* "# $ "% '$" "#8!"")*"< *." #,,"# #! "-* * *"-*& #'"-)- *& *)!" $*%"( #!*(% " ''("% & ##"+"& "$'-( &(##8 6A

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

'(&, )*$!"*" -( '*& *).">M!*>"."<!" *#"."% "#'*&#" %&$-#%*"#&* -*& %-!""$'-()&%&,#&!"( " "8!"" # "$'*&-"#"&'-"("."() "#!*-:M*&() "!""$*&!#%*"# '-"## *%"-(&"<"-*$&,&",.") "#"."&$*&!#8&"*)!"$*# "-"& ";'(& *&#*)!"'!"&*$"&*&*)'-"'("! -&")*&%&!" ( " " -($#!!" %"#-"% %&$-# *)!" "#'*&#" *) '-" ("."( * $*&" '*(-#!*-:#*#"."%"-#"#''(&%%"$&%)*-"#("'*(- #!*-:# $'- *& '-"# %))""& (8 *&#%"&,!" %"$&% #%" *&" #!*(% ";'"-! '*(-,! "&&,> (("% *) (&,,", "%"$&%&%'-"("."(8 *>"."<*&#''(#%"*&"$*#"."&%&-"#"&& ""# '$"& #*& (*&#! $";'&%$*&"#''(&%'#!&)( *&'-!" 455?8*!"&" * -*$"%"'"&%#*&>! "))"-<%"$&%*#''(<%*$& "#8 01"%$ # $$ (#( 4 "%$ # $ (#(4 "% (#(4.000.0016.0012 -.001 -.002 -.003.0008.0004.0000 -.0004 -.0008 -.004 2 4 6 8 10 12 14 16 18 -.0012 2 4 6 8 10 12 14 16 18 4#!*>#!""))"-#*)'*(-#!*-:*&$*&"$:" & ""# "&% "("))"-."";-!&," "8"."(*#". *&#">*!&*!&,8# <*!.("#&-"#"&"#'*&#" *'*(-,! "&&,8!##&";'"-"%* -*$"! #&--*%>!"-*&*$-!"*8 *&"$:" ",*"#'#&-"!"-*# *) $*&" )* -*$$"-( &:# &-"#"# ) " -*& -*& #!*-: * $*&" '*(-8,!"& ""# "#&!"-*& # $( "-' (&)(*>#! D?

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

&)""&-"# $%" *." *!" $'- *) '*(-,! "&&, *& "( %" (&-" " #*$">! '(&, #&-" -"&- ''"- *& '*.*:"% $*&" '*(-#!*-:#!*(%("% *%" "* *&*)"(&" ";'* #&%&* * #$'*."$"& 8!"*#"."%'!"&*$"&*&#%))-( *";'(&8*>"."<!# & $'* & '*(- $'(- *&8 # "-*&*$-!"* '"%-# & *'"& "-*&*$,*."&$"&! "# * - &)( *& & *%" * -!"." $-*"-*&*$-# ( *&!." *#-)-"-*$'"."&"##&";"&(#"-* *) #"-*&*$ *-!"."!#,*(89 #-"& &(###!*># $,! "! & &# *&"-*&*$"#!"##"#*)& "& *&(-*$'"."&"###!*(%"!" #K"-*)'*(--*&-"&*&(&!"(*&,&"-#"-"&-''"- *&%*"# &* &",."( &)("&-"# "( &" ";'* # &!" #!* &8!# #," # %))-( *";'(&!"*#"."%'!"&*$"&*&>!*!**,!# %*)*(#! ";"&( %"< >!-! >*(% &-(%"!" &."#, *& *) ";'* # -*$'*# *&< %" "$& *&*)$& %"' &"#" -8*>"."<!")*(*>&,#,,"# *&-& "$%"8)!"$& %"' &"#*)*(&%" &# *&"-*&*$"#*) &%& "$"% ",**%###K"-*)";'*!"& #'*##("! &#))-"& & "& *&( & ", *& &% %" "# $:" %" "&.*&$"& ("## -*$'"."&%!#<-*&#$"#&-*& "#)&%!"$#"(."#)" ""% * #''("# & *(&% &% ## *& "))"-! #!*(%!." "%-"% ";'* # )*$ *(&% ) " -*& -*& $*&" '*(- #!*-: %*"# &* >*:8 *"*."< )!"#"-*&#$"# & 3# >"*)#-!# *&!" & ( "#'*&#" **(#!-"&-''"- *&$" *&-"#"-*&#$' *&!"!"& *"%-" &*%" *--$( ""&*,!"#"."#")*"!"'-"#"-!!"'":8 *$&( %"(&-"%&$-#) "-*& -*&$*&" '*(-#!*-:# %"'-"%&!"4"(*>8 DB