Rheinisch-Westfalisches Institut
für Wirtschaftsforschung
Board of Directors:
Prof. Dr. Christoph M. Schmidt, Ph.D. (President),
Prof. Dr. Wim Kosters
Governing Board:
Heinrich Frommknecht (Chairman);
Eberhard Heinke, Dr. Dietmar Kuhnt, Dr. Henning Osthues-Albrecht
(Vice Chairmen);
Prof. Dr.-Ing. Dieter Ameling, Manfred Breuer, Prof. Dr. Walter Eberhard,
Prof. Dr. Harald B. Giesel, Marianne Halstrick-Schwenk, Dr. Thomas Koster,
Hartmut Krebs, Rolf Hermann Nienaber, Heinz Putzhammer,
Dr. Günter Sandermann, Dr. Gerd Willamowski
Advisory Board:
Prof. David Card, Ph.D., Prof. Dr. Clemens Fuest, Prof. Dr. Walter Kramer,
Prof. Dr. Michael Lechner, Prof. Dr. Till Requate, Prof. Nina Smith, Ph.D.,
Prof. Dr. Harald Uhlig, Prof. Dr. Josef Zweimüller
RWI : Discussion Papers
No. 8
Published by Rheinisch-Westfalisches Institut für Wirtschaftsforschung,
Hohenzollernstrasse 1/3, D-45128 Essen, Phone +49 (0) 201/81 49-0
All rights reserved. Essen, Germany, 2003
Editor: Prof. Dr. Christoph M. Schmidt, Ph.D.
ISSN 1612-3565 - ISBN 3-936454-15-9
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