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† This paper was financed by a grant from the Research Foundation of the City of New York. Most of the data collection and estimation were performed by Jeanette Michelson. The computations were performed at the City College Computer Center, C.U.N.Y. Charles Lucas of Market Statistics, Federal Reserve Bank of New York, kindly made available many of the statistical series used in connection with this project. The author is especially grateful for the helpful comments of John Wood.