ÿþ<html xmlns:v="urn:schemas-microsoft-com:vml" xmlns:o="urn:schemas-microsoft-com:office:office" xmlns:w="urn:schemas-microsoft-com:office:word" xmlns:m="http://schemas.microsoft.com/office/2004/12/omml" xmlns="http://www.w3.org/TR/REC-html40"> <head> <meta http-equiv=Content-Type content="text/html; charset=unicode"> <meta name=ProgId content=Word.Document> <meta name=Generator content="Microsoft Word 14"> <meta name=Originator content="Microsoft Word 14"> <link rel=File-List href="IFMs13prg_files/filelist.xml"> <title>Authors, please upload your paper here</title> <!--[if gte mso 9]><xml> <o:DocumentProperties> <o:Author>confer</o:Author> <o:Template>Normal</o:Template> <o:LastAuthor>confer</o:LastAuthor> <o:Revision>16</o:Revision> <o:TotalTime>16</o:TotalTime> <o:LastPrinted>2013-02-20T15:20:00Z</o:LastPrinted> <o:Created>2013-02-20T15:40:00Z</o:Created> <o:LastSaved>2013-03-27T20:20:00Z</o:LastSaved> <o:Pages>1</o:Pages> <o:Words>291</o:Words> <o:Characters>2284</o:Characters> <o:Company>nber</o:Company> <o:Lines>19</o:Lines> <o:Paragraphs>5</o:Paragraphs> <o:CharactersWithSpaces>2570</o:CharactersWithSpaces> <o:Version>14.00</o:Version> </o:DocumentProperties> </xml><![endif]--> <link rel=themeData href="IFMs13prg_files/themedata.thmx"> <link rel=colorSchemeMapping href="IFMs13prg_files/colorschememapping.xml"> <!--[if gte mso 9]><xml> <w:WordDocument> <w:Zoom>BestFit</w:Zoom> <w:SpellingState>Clean</w:SpellingState> <w:GrammarState>Clean</w:GrammarState> <w:TrackMoves/> <w:TrackFormatting/> <w:ValidateAgainstSchemas/> <w:SaveIfXMLInvalid>false</w:SaveIfXMLInvalid> <w:IgnoreMixedContent>false</w:IgnoreMixedContent> <w:AlwaysShowPlaceholderText>false</w:AlwaysShowPlaceholderText> <w:DoNotPromoteQF/> <w:LidThemeOther>EN-US</w:LidThemeOther> <w:LidThemeAsian>X-NONE</w:LidThemeAsian> <w:LidThemeComplexScript>X-NONE</w:LidThemeComplexScript> <w:Compatibility> <w:BreakWrappedTables/> <w:SnapToGridInCell/> <w:WrapTextWithPunct/> <w:UseAsianBreakRules/> <w:DontGrowAutofit/> <w:SplitPgBreakAndParaMark/> <w:DontVertAlignCellWithSp/> <w:DontBreakConstrainedForcedTables/> <w:DontVertAlignInTxbx/> <w:Word11KerningPairs/> <w:CachedColBalance/> </w:Compatibility> <w:BrowserLevel>MicrosoftInternetExplorer4</w:BrowserLevel> <m:mathPr> <m:mathFont m:val="Cambria Math"/> <m:brkBin m:val="before"/> <m:brkBinSub m:val="&#45;-"/> <m:smallFrac m:val="off"/> <m:dispDef/> <m:lMargin m:val="0"/> <m:rMargin m:val="0"/> <m:defJc m:val="centerGroup"/> <m:wrapIndent m:val="1440"/> <m:intLim m:val="subSup"/> <m:naryLim m:val="undOvr"/> </m:mathPr></w:WordDocument> </xml><![endif]--><!--[if gte mso 9]><xml> <w:LatentStyles DefLockedState="false" DefUnhideWhenUsed="true" DefSemiHidden="true" DefQFormat="false" DefPriority="99" LatentStyleCount="267"> <w:LsdException Locked="false" Priority="0" SemiHidden="false" UnhideWhenUsed="false" QFormat="true" Name="Normal"/> <w:LsdException Locked="false" Priority="9" SemiHidden="false" UnhideWhenUsed="false" QFormat="true" Name="heading 1"/> <w:LsdException Locked="false" Priority="9" SemiHidden="false" UnhideWhenUsed="false" QFormat="true" Name="heading 2"/> <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 3"/> <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 4"/> <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 5"/> <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 6"/> <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 7"/> <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 8"/> <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 9"/> <w:LsdException Locked="false" Priority="39" Name="toc 1"/> <w:LsdException Locked="false" Priority="39" Name="toc 2"/> <w:LsdException Locked="false" Priority="39" Name="toc 3"/> <w:LsdException Locked="false" Priority="39" Name="toc 4"/> <w:LsdException Locked="false" Priority="39" Name="toc 5"/> <w:LsdException Locked="false" Priority="39" Name="toc 6"/> <w:LsdException Locked="false" Priority="39" Name="toc 7"/> <w:LsdException Locked="false" Priority="39" Name="toc 8"/> <w:LsdException Locked="false" Priority="39" Name="toc 9"/> <w:LsdException Locked="false" Priority="35" QFormat="true" Name="caption"/> <w:LsdException Locked="false" Priority="10" SemiHidden="false" UnhideWhenUsed="false" QFormat="true" Name="Title"/> <w:LsdException Locked="false" Priority="1" Name="Default Paragraph Font"/> <w:LsdException Locked="false" Priority="11" SemiHidden="false" UnhideWhenUsed="false" QFormat="true" Name="Subtitle"/> <w:LsdException Locked="false" Priority="22" SemiHidden="false" UnhideWhenUsed="false" QFormat="true" Name="Strong"/> <w:LsdException Locked="false" Priority="20" SemiHidden="false" UnhideWhenUsed="false" QFormat="true" Name="Emphasis"/> <w:LsdException Locked="false" Priority="59" SemiHidden="false" UnhideWhenUsed="false" Name="Table Grid"/> <w:LsdException Locked="false" UnhideWhenUsed="false" Name="Placeholder Text"/> <w:LsdException Locked="false" Priority="1" SemiHidden="false" UnhideWhenUsed="false" QFormat="true" Name="No Spacing"/> <w:LsdException Locked="false" Priority="60" SemiHidden="false" UnhideWhenUsed="false" Name="Light Shading"/> <w:LsdException Locked="false" Priority="61" SemiHidden="false" UnhideWhenUsed="false" Name="Light List"/> <w:LsdException Locked="false" Priority="62" SemiHidden="false" UnhideWhenUsed="false" Name="Light Grid"/> <w:LsdException Locked="false" Priority="63" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Shading 1"/> <w:LsdException Locked="false" Priority="64" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Shading 2"/> <w:LsdException Locked="false" Priority="65" SemiHidden="false" UnhideWhenUsed="false" Name="Medium List 1"/> <w:LsdException Locked="false" Priority="66" SemiHidden="false" UnhideWhenUsed="false" Name="Medium List 2"/> <w:LsdException Locked="false" Priority="67" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Grid 1"/> <w:LsdException Locked="false" Priority="68" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Grid 2"/> <w:LsdException Locked="false" Priority="69" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Grid 3"/> <w:LsdException Locked="false" Priority="70" SemiHidden="false" UnhideWhenUsed="false" Name="Dark List"/> <w:LsdException Locked="false" Priority="71" SemiHidden="false" UnhideWhenUsed="false" Name="Colorful Shading"/> <w:LsdException Locked="false" Priority="72" SemiHidden="false" UnhideWhenUsed="false" Name="Colorful List"/> <w:LsdException Locked="false" Priority="73" SemiHidden="false" UnhideWhenUsed="false" Name="Colorful Grid"/> <w:LsdException Locked="false" Priority="60" SemiHidden="false" UnhideWhenUsed="false" Name="Light Shading Accent 1"/> <w:LsdException Locked="false" Priority="61" SemiHidden="false" UnhideWhenUsed="false" Name="Light List Accent 1"/> <w:LsdException Locked="false" Priority="62" SemiHidden="false" UnhideWhenUsed="false" Name="Light Grid Accent 1"/> <w:LsdException Locked="false" Priority="63" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Shading 1 Accent 1"/> <w:LsdException Locked="false" Priority="64" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Shading 2 Accent 1"/> <w:LsdException Locked="false" Priority="65" SemiHidden="false" UnhideWhenUsed="false" Name="Medium List 1 Accent 1"/> <w:LsdException Locked="false" UnhideWhenUsed="false" Name="Revision"/> <w:LsdException Locked="false" Priority="34" SemiHidden="false" UnhideWhenUsed="false" QFormat="true" Name="List Paragraph"/> <w:LsdException Locked="false" Priority="29" SemiHidden="false" UnhideWhenUsed="false" QFormat="true" Name="Quote"/> <w:LsdException Locked="false" Priority="30" SemiHidden="false" UnhideWhenUsed="false" QFormat="true" Name="Intense Quote"/> <w:LsdException Locked="false" Priority="66" SemiHidden="false" UnhideWhenUsed="false" Name="Medium List 2 Accent 1"/> <w:LsdException Locked="false" Priority="67" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Grid 1 Accent 1"/> <w:LsdException Locked="false" Priority="68" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Grid 2 Accent 1"/> <w:LsdException Locked="false" Priority="69" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Grid 3 Accent 1"/> <w:LsdException Locked="false" Priority="70" SemiHidden="false" UnhideWhenUsed="false" Name="Dark List Accent 1"/> <w:LsdException Locked="false" Priority="71" SemiHidden="false" UnhideWhenUsed="false" Name="Colorful Shading Accent 1"/> <w:LsdException Locked="false" Priority="72" SemiHidden="false" UnhideWhenUsed="false" Name="Colorful List Accent 1"/> <w:LsdException Locked="false" Priority="73" SemiHidden="false" UnhideWhenUsed="false" Name="Colorful Grid Accent 1"/> <w:LsdException Locked="false" Priority="60" SemiHidden="false" UnhideWhenUsed="false" Name="Light Shading Accent 2"/> <w:LsdException Locked="false" Priority="61" SemiHidden="false" UnhideWhenUsed="false" Name="Light List Accent 2"/> <w:LsdException Locked="false" Priority="62" SemiHidden="false" UnhideWhenUsed="false" Name="Light Grid Accent 2"/> <w:LsdException Locked="false" Priority="63" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Shading 1 Accent 2"/> <w:LsdException Locked="false" Priority="64" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Shading 2 Accent 2"/> <w:LsdException Locked="false" Priority="65" SemiHidden="false" UnhideWhenUsed="false" Name="Medium List 1 Accent 2"/> <w:LsdException Locked="false" Priority="66" SemiHidden="false" UnhideWhenUsed="false" Name="Medium List 2 Accent 2"/> <w:LsdException Locked="false" Priority="67" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Grid 1 Accent 2"/> <w:LsdException Locked="false" Priority="68" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Grid 2 Accent 2"/> <w:LsdException Locked="false" Priority="69" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Grid 3 Accent 2"/> <w:LsdException Locked="false" Priority="70" SemiHidden="false" UnhideWhenUsed="false" Name="Dark List Accent 2"/> <w:LsdException Locked="false" Priority="71" SemiHidden="false" UnhideWhenUsed="false" Name="Colorful Shading Accent 2"/> <w:LsdException Locked="false" Priority="72" SemiHidden="false" UnhideWhenUsed="false" Name="Colorful List Accent 2"/> <w:LsdException Locked="false" Priority="73" SemiHidden="false" UnhideWhenUsed="false" Name="Colorful Grid Accent 2"/> <w:LsdException Locked="false" Priority="60" SemiHidden="false" UnhideWhenUsed="false" Name="Light Shading Accent 3"/> <w:LsdException Locked="false" Priority="61" SemiHidden="false" UnhideWhenUsed="false" Name="Light List Accent 3"/> <w:LsdException Locked="false" Priority="62" SemiHidden="false" UnhideWhenUsed="false" Name="Light Grid Accent 3"/> <w:LsdException Locked="false" Priority="63" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Shading 1 Accent 3"/> <w:LsdException Locked="false" Priority="64" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Shading 2 Accent 3"/> <w:LsdException Locked="false" Priority="65" SemiHidden="false" UnhideWhenUsed="false" Name="Medium List 1 Accent 3"/> <w:LsdException Locked="false" Priority="66" SemiHidden="false" UnhideWhenUsed="false" Name="Medium List 2 Accent 3"/> <w:LsdException Locked="false" Priority="67" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Grid 1 Accent 3"/> <w:LsdException Locked="false" Priority="68" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Grid 2 Accent 3"/> <w:LsdException Locked="false" Priority="69" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Grid 3 Accent 3"/> <w:LsdException Locked="false" Priority="70" SemiHidden="false" UnhideWhenUsed="false" Name="Dark List Accent 3"/> <w:LsdException Locked="false" Priority="71" SemiHidden="false" UnhideWhenUsed="false" Name="Colorful Shading Accent 3"/> <w:LsdException Locked="false" Priority="72" SemiHidden="false" UnhideWhenUsed="false" Name="Colorful List Accent 3"/> <w:LsdException Locked="false" Priority="73" SemiHidden="false" UnhideWhenUsed="false" Name="Colorful Grid Accent 3"/> <w:LsdException Locked="false" Priority="60" SemiHidden="false" UnhideWhenUsed="false" Name="Light Shading Accent 4"/> <w:LsdException Locked="false" Priority="61" SemiHidden="false" UnhideWhenUsed="false" Name="Light List Accent 4"/> <w:LsdException Locked="false" Priority="62" SemiHidden="false" UnhideWhenUsed="false" Name="Light Grid Accent 4"/> <w:LsdException Locked="false" Priority="63" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Shading 1 Accent 4"/> <w:LsdException Locked="false" Priority="64" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Shading 2 Accent 4"/> <w:LsdException Locked="false" Priority="65" SemiHidden="false" UnhideWhenUsed="false" Name="Medium List 1 Accent 4"/> <w:LsdException Locked="false" Priority="66" SemiHidden="false" UnhideWhenUsed="false" Name="Medium List 2 Accent 4"/> <w:LsdException Locked="false" Priority="67" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Grid 1 Accent 4"/> <w:LsdException Locked="false" Priority="68" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Grid 2 Accent 4"/> <w:LsdException Locked="false" Priority="69" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Grid 3 Accent 4"/> <w:LsdException Locked="false" Priority="70" SemiHidden="false" UnhideWhenUsed="false" Name="Dark List Accent 4"/> <w:LsdException Locked="false" Priority="71" SemiHidden="false" UnhideWhenUsed="false" Name="Colorful Shading Accent 4"/> <w:LsdException Locked="false" Priority="72" SemiHidden="false" UnhideWhenUsed="false" Name="Colorful List Accent 4"/> <w:LsdException Locked="false" Priority="73" SemiHidden="false" UnhideWhenUsed="false" Name="Colorful Grid Accent 4"/> <w:LsdException Locked="false" Priority="60" SemiHidden="false" UnhideWhenUsed="false" Name="Light Shading Accent 5"/> <w:LsdException Locked="false" Priority="61" SemiHidden="false" UnhideWhenUsed="false" Name="Light List Accent 5"/> <w:LsdException Locked="false" Priority="62" SemiHidden="false" UnhideWhenUsed="false" Name="Light Grid Accent 5"/> <w:LsdException Locked="false" Priority="63" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Shading 1 Accent 5"/> <w:LsdException Locked="false" Priority="64" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Shading 2 Accent 5"/> <w:LsdException Locked="false" Priority="65" SemiHidden="false" UnhideWhenUsed="false" Name="Medium List 1 Accent 5"/> <w:LsdException Locked="false" Priority="66" SemiHidden="false" UnhideWhenUsed="false" Name="Medium List 2 Accent 5"/> <w:LsdException Locked="false" Priority="67" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Grid 1 Accent 5"/> <w:LsdException Locked="false" Priority="68" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Grid 2 Accent 5"/> <w:LsdException Locked="false" Priority="69" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Grid 3 Accent 5"/> <w:LsdException Locked="false" Priority="70" SemiHidden="false" UnhideWhenUsed="false" Name="Dark List Accent 5"/> <w:LsdException Locked="false" Priority="71" SemiHidden="false" UnhideWhenUsed="false" Name="Colorful Shading Accent 5"/> <w:LsdException Locked="false" Priority="72" SemiHidden="false" UnhideWhenUsed="false" Name="Colorful List Accent 5"/> <w:LsdException Locked="false" Priority="73" SemiHidden="false" UnhideWhenUsed="false" Name="Colorful Grid Accent 5"/> <w:LsdException Locked="false" Priority="60" SemiHidden="false" UnhideWhenUsed="false" Name="Light Shading Accent 6"/> <w:LsdException Locked="false" Priority="61" SemiHidden="false" UnhideWhenUsed="false" Name="Light List Accent 6"/> <w:LsdException Locked="false" Priority="62" SemiHidden="false" UnhideWhenUsed="false" Name="Light Grid Accent 6"/> <w:LsdException Locked="false" Priority="63" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Shading 1 Accent 6"/> <w:LsdException Locked="false" Priority="64" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Shading 2 Accent 6"/> <w:LsdException Locked="false" Priority="65" SemiHidden="false" UnhideWhenUsed="false" Name="Medium List 1 Accent 6"/> <w:LsdException Locked="false" Priority="66" SemiHidden="false" UnhideWhenUsed="false" Name="Medium List 2 Accent 6"/> <w:LsdException Locked="false" Priority="67" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Grid 1 Accent 6"/> <w:LsdException Locked="false" Priority="68" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Grid 2 Accent 6"/> <w:LsdException Locked="false" Priority="69" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Grid 3 Accent 6"/> <w:LsdException Locked="false" Priority="70" SemiHidden="false" UnhideWhenUsed="false" Name="Dark List Accent 6"/> <w:LsdException Locked="false" Priority="71" SemiHidden="false" UnhideWhenUsed="false" Name="Colorful Shading Accent 6"/> <w:LsdException Locked="false" Priority="72" SemiHidden="false" UnhideWhenUsed="false" Name="Colorful List Accent 6"/> <w:LsdException Locked="false" Priority="73" SemiHidden="false" UnhideWhenUsed="false" Name="Colorful Grid Accent 6"/> <w:LsdException Locked="false" Priority="19" SemiHidden="false" UnhideWhenUsed="false" QFormat="true" Name="Subtle Emphasis"/> <w:LsdException Locked="false" Priority="21" SemiHidden="false" UnhideWhenUsed="false" QFormat="true" Name="Intense Emphasis"/> <w:LsdException Locked="false" Priority="31" SemiHidden="false" UnhideWhenUsed="false" QFormat="true" Name="Subtle Reference"/> <w:LsdException Locked="false" Priority="32" SemiHidden="false" UnhideWhenUsed="false" QFormat="true" Name="Intense Reference"/> <w:LsdException Locked="false" Priority="33" SemiHidden="false" UnhideWhenUsed="false" QFormat="true" Name="Book Title"/> <w:LsdException Locked="false" Priority="37" Name="Bibliography"/> <w:LsdException Locked="false" Priority="39" QFormat="true" Name="TOC Heading"/> </w:LatentStyles> </xml><![endif]--> <style> <!-- /* Font Definitions */ @font-face {font-family:Calibri; panose-1:2 15 5 2 2 2 4 3 2 4; mso-font-charset:0; mso-generic-font-family:swiss; mso-font-pitch:variable; mso-font-signature:-536870145 1073786111 1 0 415 0;} @font-face {font-family:Tahoma; panose-1:2 11 6 4 3 5 4 4 2 4; mso-font-charset:0; mso-generic-font-family:swiss; mso-font-pitch:variable; mso-font-signature:-520081665 -1073717157 41 0 66047 0;} /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-unhide:no; mso-style-qformat:yes; mso-style-parent:""; margin:0in; margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:12.0pt; font-family:"Times New Roman","serif"; mso-fareast-font-family:"Times New Roman";} h2 {mso-style-priority:9; mso-style-unhide:no; mso-style-qformat:yes; mso-style-link:"Heading 2 Char"; mso-margin-top-alt:auto; margin-right:0in; mso-margin-bottom-alt:auto; margin-left:0in; mso-pagination:widow-orphan; mso-outline-level:2; font-size:18.0pt; font-family:"Times New Roman","serif"; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast;} a:link, span.MsoHyperlink {mso-style-noshow:yes; mso-style-priority:99; mso-style-parent:""; color:blue; text-decoration:underline; text-underline:single;} a:visited, span.MsoHyperlinkFollowed {mso-style-noshow:yes; mso-style-priority:99; color:purple; mso-themecolor:followedhyperlink; text-decoration:underline; text-underline:single;} p.MsoAcetate, li.MsoAcetate, div.MsoAcetate {mso-style-noshow:yes; mso-style-priority:99; mso-style-link:"Balloon Text Char"; margin:0in; margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:8.0pt; font-family:"Tahoma","sans-serif"; mso-fareast-font-family:"Times New Roman";} span.Heading2Char {mso-style-name:"Heading 2 Char"; mso-style-priority:9; mso-style-unhide:no; mso-style-locked:yes; mso-style-link:"Heading 2"; mso-ansi-font-size:13.0pt; mso-bidi-font-size:13.0pt; font-family:"Cambria","serif"; mso-ascii-font-family:Cambria; mso-ascii-theme-font:major-latin; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:major-fareast; mso-hansi-font-family:Cambria; mso-hansi-theme-font:major-latin; mso-bidi-font-family:"Times New Roman"; mso-bidi-theme-font:major-bidi; color:#4F81BD; mso-themecolor:accent1; font-weight:bold;} span.BalloonTextChar {mso-style-name:"Balloon Text Char"; mso-style-noshow:yes; mso-style-priority:99; mso-style-unhide:no; mso-style-locked:yes; mso-style-link:"Balloon Text"; mso-ansi-font-size:8.0pt; mso-bidi-font-size:8.0pt; font-family:"Tahoma","sans-serif"; mso-ascii-font-family:Tahoma; mso-hansi-font-family:Tahoma; mso-bidi-font-family:Tahoma;} span.SpellE {mso-style-name:""; mso-spl-e:yes;} .MsoChpDefault {mso-style-type:export-only; mso-default-props:yes; font-size:10.0pt; mso-ansi-font-size:10.0pt; mso-bidi-font-size:10.0pt;} @page WordSection1 {size:8.5in 11.0in; margin:40.3pt 1.25in .6in 1.25in; mso-header-margin:.5in; mso-footer-margin:.5in; mso-paper-source:0;} div.WordSection1 {page:WordSection1;} --> </style> <!--[if gte mso 10]> <style> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Times New Roman","serif";} </style> <![endif]--><!--[if gte mso 9]><xml> <o:shapedefaults v:ext="edit" spidmax="1026"/> </xml><![endif]--><!--[if gte mso 9]><xml> <o:shapelayout v:ext="edit"> <o:idmap v:ext="edit" data="1"/> </o:shapelayout></xml><![endif]--> </head> <body lang=EN-US link=blue vlink=purple style='tab-interval:.5in'> <div class=WordSection1> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 style='border-collapse:collapse;mso-yfti-tbllook:480;mso-padding-alt:0in 5.4pt 0in 5.4pt'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'> <td width=590 valign=top style='width:6.15in;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; tab-stops:78.75pt'><span style='font-size:11.0pt;color:black'>Authors, please upload your paper&nbsp;</span><span style='font-size:11.0pt'><a href="http://www.nber.org/confsubmit/backend/form?id=IFMs13">here</a><span style='color:black'>.&nbsp;<br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]></span><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:1'> <td width=590 valign=top style='width:6.15in;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal align=center style='mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:center;tab-stops:78.75pt'><span style='font-size:11.0pt'>NATIONAL BUREAU OF ECONOMIC RESEARCH, INC.<br> <br> <b style='mso-bidi-font-weight:normal'>International Finance and Macroeconomics Program Meeting</b><br> <br> </span><span style='font-size:11.0pt;mso-fareast-font-family:Calibri'>Gita <span class=SpellE>Gopinath</span> and Hélène Rey, Organizers</span><span style='mso-bidi-font-size:11.0pt;mso-fareast-font-family:Calibri'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:2'> <td width=590 valign=top style='width:6.15in;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal align=center style='mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:center;tab-stops:78.75pt'><span style='mso-bidi-font-size: 11.0pt;mso-fareast-font-family:Calibri'><o:p>&nbsp;</o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:3'> <td width=590 valign=top style='width:6.15in;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal align=center style='mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:center;tab-stops:78.75pt'><span style='font-size:11.0pt; mso-fareast-font-family:Calibri'>March 29, 2013</span><span style='mso-bidi-font-size: 11.0pt;mso-fareast-font-family:Calibri'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:4'> <td width=590 valign=top style='width:6.15in;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal align=center style='mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:center;tab-stops:78.75pt'><span style='mso-bidi-font-size: 11.0pt;mso-fareast-font-family:Calibri'><o:p>&nbsp;</o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:5'> <td width=590 valign=top style='width:6.15in;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal align=center style='mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:center;tab-stops:78.75pt'><b style='mso-bidi-font-weight: normal'><span style='font-size:11.0pt;mso-fareast-font-family:Calibri'>Royal Sonesta Hotel<br> Charles Suites</span></b><b style='mso-bidi-font-weight:normal'><span style='mso-bidi-font-size:11.0pt;mso-fareast-font-family:Calibri'><o:p></o:p></span></b></p> </td> </tr> <tr style='mso-yfti-irow:6'> <td width=590 valign=top style='width:6.15in;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal align=center style='mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:center;tab-stops:78.75pt'><b style='mso-bidi-font-weight: normal'><span style='font-size:11.0pt;mso-fareast-font-family:Calibri'>40 Edwin H. Land Boulevard</span></b><b style='mso-bidi-font-weight:normal'><span style='mso-bidi-font-size:11.0pt;mso-fareast-font-family:Calibri'><o:p></o:p></span></b></p> </td> </tr> <tr style='mso-yfti-irow:7'> <td width=590 valign=top style='width:6.15in;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal align=center style='mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:center;tab-stops:78.75pt'><b style='mso-bidi-font-weight: normal'><span style='font-size:11.0pt;mso-fareast-font-family:Calibri'>Cambridge, Massachusetts</span></b><b style='mso-bidi-font-weight:normal'><span style='mso-bidi-font-size:11.0pt;mso-fareast-font-family:Calibri'><o:p></o:p></span></b></p> </td> </tr> <tr style='mso-yfti-irow:8'> <td width=590 valign=top style='width:6.15in;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal align=center style='mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:center;tab-stops:78.75pt'><b style='mso-bidi-font-weight: normal'><span style='font-size:11.0pt;mso-fareast-font-family:Calibri'><o:p>&nbsp;</o:p></span></b></p> </td> </tr> <tr style='mso-yfti-irow:9;mso-yfti-lastrow:yes'> <td width=590 valign=top style='width:6.15in;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal align=center style='mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:center;tab-stops:78.75pt'><b style='mso-bidi-font-weight: normal'><u><span style='font-size:11.0pt'>PROGRAM</span></u></b><b style='mso-bidi-font-weight:normal'><span style='font-size:11.0pt;mso-fareast-font-family: Calibri'><o:p></o:p></span></b></p> </td> </tr> </table> <p class=MsoNormal style='margin-bottom:12.0pt'><b style='mso-bidi-font-weight: normal'><span style='font-size:11.0pt'><o:p>&nbsp;</o:p></span></b></p> <table class=MsoNormalTable border=0 cellpadding=0 style='mso-cellspacing:1.5pt; mso-yfti-tbllook:1184;mso-padding-alt:0in 5.4pt 0in 5.4pt'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'> <td width=578 colspan=2 valign=top style='width:433.5pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><b style='mso-bidi-font-weight:normal'><span style='font-size:11.0pt'>Thursday, March 28, 2013<br style='mso-special-character: line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><o:p></o:p></span></b></p> </td> </tr> <tr style='mso-yfti-irow:1'> <td width=70 valign=top style='width:52.65pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:11.0pt'>6:30 pm<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><b style='mso-bidi-font-weight:normal'><span style='font-size:11.0pt'>Dinner<br> Dante Restaurant<o:p></o:p></span></b></p> <p class=MsoNormal><b style='mso-bidi-font-weight:normal'><span style='font-size:11.0pt'>40 Edwin H. Land Boulevard<o:p></o:p></span></b></p> <p class=MsoNormal><b style='mso-bidi-font-weight:normal'><span style='font-size:11.0pt'>(Located within the Royal <span class=SpellE>Sonesta</span> Hotel)<br> Cambridge, MA <br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><o:p></o:p></span></b></p> </td> </tr> <tr style='mso-yfti-irow:2'> <td width=578 colspan=2 valign=top style='width:433.5pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><b style='mso-bidi-font-weight:normal'><span style='font-size:11.0pt'>Friday, March 29, 2013 <br style='mso-special-character: line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><o:p></o:p></span></b></p> </td> </tr> <tr style='mso-yfti-irow:3'> <td width=70 valign=top style='width:52.65pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:11.0pt'>8:00 am<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:11.0pt'>Continental Breakfast<br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:4'> <td width=70 valign=top style='width:52.65pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:11.0pt'>8:30 am<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:11.0pt'>Andrew Rose, University of California at Berkeley and NBER<o:p></o:p></span></p> <p class=MsoNormal><i><a href="Rose.pdf">The March of an Economic Idea?<span style='mso-bidi-font-style:normal'>? Protectionism Isn t Counter-Cyclic</span></a></i><span style='font-size:11.0pt'><br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:5'> <td width=70 valign=top style='width:52.65pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:11.0pt'><o:p>&nbsp;</o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:11.0pt'>Discussant: Nathan Nunn, Harvard University and NBER<span style='mso-spacerun:yes'>  </span><span style='mso-tab-count:1'>     </span><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:6'> <td width=70 valign=top style='width:52.65pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:11.0pt'><o:p>&nbsp;</o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:11.0pt'><o:p>&nbsp;</o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:7'> <td width=70 valign=top style='width:52.65pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:11.0pt'>9:20 am<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:11.0pt'>Alberto <span class=SpellE>Cavallo</span>, Massachusetts of Technology<br> Brent Neiman, University of Chicago and NBER<br> Roberto <span class=SpellE>Rigobon</span>, Massachusetts of Technology and NBER <br> <i style='mso-bidi-font-style:normal'><a href="Cavallo_Neiman_Rigobon.pdf">Product Introductions, Currency Unions, and the Real Exchange Rate</a></i><br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:8'> <td width=70 valign=top style='width:52.65pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:11.0pt'><o:p>&nbsp;</o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:11.0pt'>Discussant: Ariel Burstein, University of California at Los Angeles and NBER<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:9'> <td width=70 valign=top style='width:52.65pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:11.0pt'><o:p>&nbsp;</o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:11.0pt'><o:p>&nbsp;</o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:10'> <td width=70 valign=top style='width:52.65pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:11.0pt'>10:10 am<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:11.0pt'>Break<br style='mso-special-character: line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:11'> <td width=70 valign=top style='width:52.65pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:11.0pt'>10:30 am<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:11.0pt'>Javier Bianchi, University of Wisconsin and NBER<o:p></o:p></span></p> <p class=MsoNormal><span style='font-size:11.0pt'>Juan Carlos <span class=SpellE>Hatchondo</span>, Indiana University <br> Leonardo Martinez, IMF<br> <i style='mso-bidi-font-style:normal'><a href="http://www.javierbianchi.com/uploads/8/8/5/8/8858198/reserves_bhm.pdf"><span style='mso-bidi-font-style:italic'>International Reserves and Rollover Risk </span></a></i><br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:12'> <td width=70 valign=top style='width:52.65pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:11.0pt'><o:p>&nbsp;</o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:11.0pt'>Discussant: Oleg <span class=SpellE>Itskhoki</span>, Princeton University and NBER<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:13'> <td width=70 valign=top style='width:52.65pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:11.0pt'><o:p>&nbsp;</o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:11.0pt'><o:p>&nbsp;</o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:14'> <td width=70 valign=top style='width:52.65pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:11.0pt'>11:20 am<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span class=SpellE><span style='font-size:11.0pt'>Wenxin</span></span><span style='font-size:11.0pt'> Du, Harvard University<br> Jesse <span class=SpellE>Schreger</span> Harvard University<br> <i><a href="http://www.nber.org/confer/2013/IFMs13/Du_Schreger.pdf">Local Currency Sovereign Risk</a></i><br> <br> Discussant: <span class=SpellE>Matteo</span> <span class=SpellE>Maggiori</span>, New York University<o:p></o:p></span></p> <p class=MsoNormal><span style='font-size:11.0pt'><o:p>&nbsp;</o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:15'> <td width=70 valign=top style='width:52.65pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:11.0pt'>12:10 pm<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><b style='mso-bidi-font-weight:normal'><span style='font-size:11.0pt'>Lunch-Charles Suites<br style='mso-special-character: line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><o:p></o:p></span></b></p> </td> </tr> <tr style='mso-yfti-irow:16'> <td width=70 valign=top style='width:52.65pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:11.0pt'>1:10 pm<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:11.0pt'>Alessandro <span class=SpellE>Dovis</span>, University of Minnesota <o:p></o:p></span></p> <p class=MsoNormal><i style='mso-bidi-font-style:normal'><span style='font-size:11.0pt'><a href="Dovis.pdf">Efficient Sovereign Default</a> <o:p></o:p></span></i></p> <p class=MsoNormal><span style='font-size:11.0pt'><o:p>&nbsp;</o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:17'> <td width=70 valign=top style='width:52.65pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:11.0pt'><o:p>&nbsp;</o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:11.0pt'>Discussant: Manuel Amador, Stanford University and NBER<br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:18'> <td width=70 valign=top style='width:52.65pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:11.0pt'>2:00 pm<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:11.0pt'>Break<br style='mso-special-character: line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:19'> <td width=70 valign=top style='width:52.65pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:11.0pt'>2:20 pm<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span class=SpellE><span style='font-size:11.0pt'>Gianluca</span></span><span style='font-size:11.0pt'> <span class=SpellE>Benigno</span>, London School of Economics<o:p></o:p></span></p> <p class=MsoNormal><span class=SpellE><span style='font-size:11.0pt'>Huigan</span></span><span style='font-size:11.0pt'> Chen, <span class=SpellE>MarketShare</span> Partners<br> Christopher <span class=SpellE>Otrok</span>, University of Missouri<br> Eric Young, University of Virginia<br> </span>Alessandro <span class=SpellE>Rebucci</span>, Inter-American Development Bank <span style='font-size:11.0pt'><br> <i style='mso-bidi-font-style:normal'><a href="Benigno_Chen_Otrok_Rebucci_Young.pdf">Capital Controls or Real Exchange Rate Policy? A Pecuniary Externality Perspective</a> </i><br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:20'> <td width=70 valign=top style='width:52.65pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:11.0pt'><o:p>&nbsp;</o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:11.0pt'>Discussant: Anton <span class=SpellE>Korinek</span>, University of Maryland and NBER<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:21'> <td width=70 valign=top style='width:52.65pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:11.0pt'><o:p>&nbsp;</o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:11.0pt'><o:p>&nbsp;</o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:22'> <td width=70 valign=top style='width:52.65pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:11.0pt'>3:10 pm<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:11.0pt'>Emmanuel <span class=SpellE>Farhi</span>, Harvard University and NBER<br> Ivan <span class=SpellE>Werning</span>, Massachusetts Institute of Technology and NBER<br> <i style='mso-bidi-font-style:normal'>Fiscal Unions</i><br style='mso-special-character: line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:23'> <td width=70 valign=top style='width:52.65pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:11.0pt'><o:p>&nbsp;</o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:11.0pt'>Discussant: Michael Devereux, University of British Columbia and NBER<br style='mso-special-character: line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:24'> <td width=70 valign=top style='width:52.65pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:11.0pt'>4:00 pm<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:11.0pt'>Adjourn<br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:25;mso-yfti-lastrow:yes'> <td width=70 valign=top style='width:52.65pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><b style='mso-bidi-font-weight:normal'><span style='font-size:11.0pt'>2/25/13<o:p></o:p></span></b></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:11.0pt'><o:p>&nbsp;</o:p></span></p> </td> </tr> </table> <p class=MsoNormal style='tab-stops:1.0in'><span style='font-size:11.0pt'><o:p>&nbsp;</o:p></span></p> </div> </body> </html>