Fabian T. Dehos and Marie Paul⇑ Fabian T. Dehos is a postdoctoral researcher at RWI – Leibniz Institute for Economic Research and at the University of Duisburg-Essen. Marie Paul is a professor in economics at the University of Duisburg-Essen and an external fellow at CReAM and RWI. Correspondence to: marie.paul{at}uni-due.de. The Online Appendix can be found at http://jhr.uwpress.org.