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 15">
<�meta name=Originator content="Microsoft Word 15">
<�link rel=File-List href="EFFEprg_files/filelist.xml">
<�!--[if gte mso 9]><�xml>
<�o:DocumentProperties>
<�o:Author>rshannon<�/o:Author>
<�o:LastAuthor>cbeck<�/o:LastAuthor>
<�o:Revision>24<�/o:Revision>
<�o:TotalTime>23<�/o:TotalTime>
<�o:Created>2016-04-27T14:51:00Z<�/o:Created>
<�o:LastSaved>2016-07-13T12:08:00Z<�/o:LastSaved>
<�o:Pages>1<�/o:Pages>
<�o:Words>545<�/o:Words>
<�o:Characters>4540<�/o:Characters>
<�o:Company>Your Company<�/o:Company>
<�o:Lines>37<�/o:Lines>
<�o:Paragraphs>10<�/o:Paragraphs>
<�o:CharactersWithSpaces>5075<�/o:CharactersWithSpaces>
<�o:Version>15.00<�/o:Version>
<�/o:DocumentProperties>
<�o:OfficeDocumentSettings>
<�o:AllowPNG/>
<�/o:OfficeDocumentSettings>
<�/xml><�![endif]-->
<�link rel=themeData href="EFFEprg_files/themedata.thmx">
<�link rel=colorSchemeMapping href="EFFEprg_files/colorschememapping.xml">
<�!--[if gte mso 9]><�xml>
<�w:WordDocument>
<�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:ApplyBreakingRules/>
<�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="--"/>
<�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="false"
DefSemiHidden="false" DefQFormat="false" DefPriority="99"
LatentStyleCount="371">
<�w:LsdException Locked="false" Priority="0" QFormat="true" Name="Normal"/>
<�w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 1"/>
<�w:LsdException Locked="false" Priority="9" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="heading 2"/>
<�w:LsdException Locked="false" Priority="9" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="heading 3"/>
<�w:LsdException Locked="false" Priority="9" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="heading 4"/>
<�w:LsdException Locked="false" Priority="9" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="heading 5"/>
<�w:LsdException Locked="false" Priority="9" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="heading 6"/>
<�w:LsdException Locked="false" Priority="9" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="heading 7"/>
<�w:LsdException Locked="false" Priority="9" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="heading 8"/>
<�w:LsdException Locked="false" Priority="9" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="heading 9"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="index 1"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="index 2"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="index 3"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="index 4"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="index 5"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="index 6"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="index 7"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="index 8"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="index 9"/>
<�w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" Name="toc 1"/>
<�w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" Name="toc 2"/>
<�w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" Name="toc 3"/>
<�w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" Name="toc 4"/>
<�w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" Name="toc 5"/>
<�w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" Name="toc 6"/>
<�w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" Name="toc 7"/>
<�w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" Name="toc 8"/>
<�w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" Name="toc 9"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal Indent"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="footnote text"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="annotation text"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="header"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="footer"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="index heading"/>
<�w:LsdException Locked="false" Priority="35" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="caption"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="table of figures"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="envelope address"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="envelope return"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="footnote reference"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="annotation reference"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="line number"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="page number"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="endnote reference"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="endnote text"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="table of authorities"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="macro"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="toa heading"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 2"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 3"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 4"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 5"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 2"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 3"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 4"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 5"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 2"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 3"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 4"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 5"/>
<�w:LsdException Locked="false" Priority="10" QFormat="true" Name="Title"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Closing"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Signature"/>
<�w:LsdException Locked="false" Priority="1" SemiHidden="true"
UnhideWhenUsed="true" Name="Default Paragraph Font"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 2"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 3"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 4"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 5"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Message Header"/>
<�w:LsdException Locked="false" Priority="11" QFormat="true" Name="Subtitle"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Salutation"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Date"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text First Indent"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text First Indent 2"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Note Heading"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 2"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 3"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 2"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 3"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Block Text"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Hyperlink"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="FollowedHyperlink"/>
<�w:LsdException Locked="false" Priority="22" QFormat="true" Name="Strong"/>
<�w:LsdException Locked="false" Priority="20" QFormat="true" Name="Emphasis"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Document Map"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Plain Text"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="E-mail Signature"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Top of Form"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Bottom of Form"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal (Web)"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Acronym"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Address"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Cite"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Code"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Definition"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Keyboard"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Preformatted"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Sample"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Typewriter"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Variable"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal Table"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="annotation subject"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="No List"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 1"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 2"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 3"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 1"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 2"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 3"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 1"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 2"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 3"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 4"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 1"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 2"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 3"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 1"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 2"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 3"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 4"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 5"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 1"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 2"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 3"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 4"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 5"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 6"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 7"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 8"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 1"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 2"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 3"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 4"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 5"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 6"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 7"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 8"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 1"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 2"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 3"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Contemporary"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Elegant"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Professional"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 1"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 2"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 1"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 2"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 3"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Balloon Text"/>
<�w:LsdException Locked="false" Priority="39" Name="Table Grid"/>
<�w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Theme"/>
<�w:LsdException Locked="false" SemiHidden="true" Name="Placeholder Text"/>
<�w:LsdException Locked="false" Priority="1" QFormat="true" Name="No Spacing"/>
<�w:LsdException Locked="false" Priority="60" Name="Light Shading"/>
<�w:LsdException Locked="false" Priority="61" Name="Light List"/>
<�w:LsdException Locked="false" Priority="62" Name="Light Grid"/>
<�w:LsdException Locked="false" Priority="63" Name="Medium Shading 1"/>
<�w:LsdException Locked="false" Priority="64" Name="Medium Shading 2"/>
<�w:LsdException Locked="false" Priority="65" Name="Medium List 1"/>
<�w:LsdException Locked="false" Priority="66" Name="Medium List 2"/>
<�w:LsdException Locked="false" Priority="67" Name="Medium Grid 1"/>
<�w:LsdException Locked="false" Priority="68" Name="Medium Grid 2"/>
<�w:LsdException Locked="false" Priority="69" Name="Medium Grid 3"/>
<�w:LsdException Locked="false" Priority="70" Name="Dark List"/>
<�w:LsdException Locked="false" Priority="71" Name="Colorful Shading"/>
<�w:LsdException Locked="false" Priority="72" Name="Colorful List"/>
<�w:LsdException Locked="false" Priority="73" Name="Colorful Grid"/>
<�w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 1"/>
<�w:LsdException Locked="false" Priority="61" Name="Light List Accent 1"/>
<�w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 1"/>
<�w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 1"/>
<�w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 1"/>
<�w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 1"/>
<�w:LsdException Locked="false" SemiHidden="true" Name="Revision"/>
<�w:LsdException Locked="false" Priority="34" QFormat="true"
Name="List Paragraph"/>
<�w:LsdException Locked="false" Priority="29" QFormat="true" Name="Quote"/>
<�w:LsdException Locked="false" Priority="30" QFormat="true"
Name="Intense Quote"/>
<�w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 1"/>
<�w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 1"/>
<�w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 1"/>
<�w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 1"/>
<�w:LsdException Locked="false" Priority="70" Name="Dark List Accent 1"/>
<�w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 1"/>
<�w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 1"/>
<�w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 1"/>
<�w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 2"/>
<�w:LsdException Locked="false" Priority="61" Name="Light List Accent 2"/>
<�w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 2"/>
<�w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 2"/>
<�w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 2"/>
<�w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 2"/>
<�w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 2"/>
<�w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 2"/>
<�w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 2"/>
<�w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 2"/>
<�w:LsdException Locked="false" Priority="70" Name="Dark List Accent 2"/>
<�w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 2"/>
<�w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 2"/>
<�w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 2"/>
<�w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 3"/>
<�w:LsdException Locked="false" Priority="61" Name="Light List Accent 3"/>
<�w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 3"/>
<�w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 3"/>
<�w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 3"/>
<�w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 3"/>
<�w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 3"/>
<�w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 3"/>
<�w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 3"/>
<�w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 3"/>
<�w:LsdException Locked="false" Priority="70" Name="Dark List Accent 3"/>
<�w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 3"/>
<�w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 3"/>
<�w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 3"/>
<�w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 4"/>
<�w:LsdException Locked="false" Priority="61" Name="Light List Accent 4"/>
<�w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 4"/>
<�w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 4"/>
<�w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 4"/>
<�w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 4"/>
<�w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 4"/>
<�w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 4"/>
<�w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 4"/>
<�w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 4"/>
<�w:LsdException Locked="false" Priority="70" Name="Dark List Accent 4"/>
<�w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 4"/>
<�w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 4"/>
<�w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 4"/>
<�w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 5"/>
<�w:LsdException Locked="false" Priority="61" Name="Light List Accent 5"/>
<�w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 5"/>
<�w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 5"/>
<�w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 5"/>
<�w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 5"/>
<�w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 5"/>
<�w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 5"/>
<�w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 5"/>
<�w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 5"/>
<�w:LsdException Locked="false" Priority="70" Name="Dark List Accent 5"/>
<�w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 5"/>
<�w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 5"/>
<�w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 5"/>
<�w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 6"/>
<�w:LsdException Locked="false" Priority="61" Name="Light List Accent 6"/>
<�w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 6"/>
<�w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 6"/>
<�w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 6"/>
<�w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 6"/>
<�w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 6"/>
<�w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 6"/>
<�w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 6"/>
<�w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 6"/>
<�w:LsdException Locked="false" Priority="70" Name="Dark List Accent 6"/>
<�w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 6"/>
<�w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 6"/>
<�w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 6"/>
<�w:LsdException Locked="false" Priority="19" QFormat="true"
Name="Subtle Emphasis"/>
<�w:LsdException Locked="false" Priority="21" QFormat="true"
Name="Intense Emphasis"/>
<�w:LsdException Locked="false" Priority="31" QFormat="true"
Name="Subtle Reference"/>
<�w:LsdException Locked="false" Priority="32" QFormat="true"
Name="Intense Reference"/>
<�w:LsdException Locked="false" Priority="33" QFormat="true" Name="Book Title"/>
<�w:LsdException Locked="false" Priority="37" SemiHidden="true"
UnhideWhenUsed="true" Name="Bibliography"/>
<�w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="TOC Heading"/>
<�w:LsdException Locked="false" Priority="41" Name="Plain Table 1"/>
<�w:LsdException Locked="false" Priority="42" Name="Plain Table 2"/>
<�w:LsdException Locked="false" Priority="43" Name="Plain Table 3"/>
<�w:LsdException Locked="false" Priority="44" Name="Plain Table 4"/>
<�w:LsdException Locked="false" Priority="45" Name="Plain Table 5"/>
<�w:LsdException Locked="false" Priority="40" Name="Grid Table Light"/>
<�w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light"/>
<�w:LsdException Locked="false" Priority="47" Name="Grid Table 2"/>
<�w:LsdException Locked="false" Priority="48" Name="Grid Table 3"/>
<�w:LsdException Locked="false" Priority="49" Name="Grid Table 4"/>
<�w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark"/>
<�w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful"/>
<�w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful"/>
<�w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 1"/>
<�w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 1"/>
<�w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 1"/>
<�w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 1"/>
<�w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 1"/>
<�w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 1"/>
<�w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 1"/>
<�w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 2"/>
<�w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 2"/>
<�w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 2"/>
<�w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 2"/>
<�w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 2"/>
<�w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 2"/>
<�w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 2"/>
<�w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 3"/>
<�w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 3"/>
<�w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 3"/>
<�w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 3"/>
<�w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 3"/>
<�w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 3"/>
<�w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 3"/>
<�w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 4"/>
<�w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 4"/>
<�w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 4"/>
<�w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 4"/>
<�w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 4"/>
<�w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 4"/>
<�w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 4"/>
<�w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 5"/>
<�w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 5"/>
<�w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 5"/>
<�w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 5"/>
<�w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 5"/>
<�w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 5"/>
<�w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 5"/>
<�w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 6"/>
<�w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 6"/>
<�w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 6"/>
<�w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 6"/>
<�w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 6"/>
<�w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 6"/>
<�w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 6"/>
<�w:LsdException Locked="false" Priority="46" Name="List Table 1 Light"/>
<�w:LsdException Locked="false" Priority="47" Name="List Table 2"/>
<�w:LsdException Locked="false" Priority="48" Name="List Table 3"/>
<�w:LsdException Locked="false" Priority="49" Name="List Table 4"/>
<�w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark"/>
<�w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful"/>
<�w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful"/>
<�w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 1"/>
<�w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 1"/>
<�w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 1"/>
<�w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 1"/>
<�w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 1"/>
<�w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 1"/>
<�w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 1"/>
<�w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 2"/>
<�w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 2"/>
<�w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 2"/>
<�w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 2"/>
<�w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 2"/>
<�w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 2"/>
<�w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 2"/>
<�w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 3"/>
<�w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 3"/>
<�w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 3"/>
<�w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 3"/>
<�w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 3"/>
<�w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 3"/>
<�w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 3"/>
<�w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 4"/>
<�w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 4"/>
<�w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 4"/>
<�w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 4"/>
<�w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 4"/>
<�w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 4"/>
<�w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 4"/>
<�w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 5"/>
<�w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 5"/>
<�w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 5"/>
<�w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 5"/>
<�w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 5"/>
<�w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 5"/>
<�w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 5"/>
<�w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 6"/>
<�w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 6"/>
<�w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 6"/>
<�w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 6"/>
<�w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 6"/>
<�w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 6"/>
<�w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 6"/>
<�/w:LatentStyles>
<�/xml><�![endif]-->
<�style>
<�!--
/* Font Definitions */
@font-face
{font-family:"Cambria Math";
panose-1:2 4 5 3 5 4 6 3 2 4;
mso-font-charset:0;
mso-generic-font-family:roman;
mso-font-pitch:variable;
mso-font-signature:-536870145 1107305727 0 0 415 0;}
@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:"Microsoft Himalaya";
panose-1:1 1 1 0 1 1 1 1 1 1;
mso-font-charset:0;
mso-generic-font-family:auto;
mso-font-pitch:variable;
mso-font-signature:-2147483645 65536 64 0 1 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:Calibri;
mso-fareast-language:ZH-CN;}
h2
{mso-style-noshow:yes;
mso-style-priority:9;
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";}
a:link, span.MsoHyperlink
{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;}
span.Heading2Char
{mso-style-name:"Heading 2 Char";
mso-style-noshow:yes;
mso-style-priority:9;
mso-style-unhide:no;
mso-style-locked:yes;
mso-style-parent:"";
mso-style-link:"Heading 2";
mso-ansi-font-size:18.0pt;
mso-bidi-font-size:18.0pt;
font-family:"Times New Roman",serif;
mso-ascii-font-family:"Times New Roman";
mso-fareast-font-family:"Times New Roman";
mso-hansi-font-family:"Times New Roman";
mso-bidi-font-family:"Times New Roman";
font-weight:bold;}
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;
mso-fareast-font-family:Calibri;}
@page WordSection1
{size:8.5in 11.0in;
margin:1.0in 1.25in 1.0in 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 width=678
style='width:508.5pt;mso-cellspacing:0in;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=678 style='width:508.5pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'>Authors,
please upload your paper <�a
href="http://www.nber.org/confsubmit/backend/form?id=SI16EFFE">here<�/a>. <�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:1'>
<�td width=678 style='width:508.5pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal align=center style='text-align:center'><�span
style='font-size:11.0pt;font-family:"Arial",sans-serif;mso-fareast-font-family:
"Times New Roman";mso-fareast-language:EN-US'>NATIONAL BUREAU OF ECONOMIC
RESEARCH, INC.<�o:p><�/o:p><�/span><�/p>
<�/td>
<�/tr>
<�tr style='mso-yfti-irow:2'>
<�td width=678 style='width:508.5pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal align=center style='text-align:center'><�span
style='font-size:11.0pt;font-family:"Arial",sans-serif;mso-fareast-font-family:
"Times New Roman";mso-fareast-language:EN-US'>SI 2016 Forecasting &
Empirical Methods <�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:3'>
<�td width=678 style='width:508.5pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal align=center style='text-align:center'><�span
style='font-size:11.0pt;font-family:"Arial",sans-serif;mso-fareast-font-family:
"Times New Roman";mso-fareast-language:EN-US'>Allan Timmermann and Jonathan
H. Wright, Organizers<�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=678 style='width:508.5pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal align=center style='text-align:center'><�span
style='font-size:11.0pt;font-family:"Arial",sans-serif;mso-fareast-font-family:
"Times New Roman";mso-fareast-language:EN-US'>July 12-15, 2016 <�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=678 style='width:508.5pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal align=center style='text-align:center;tab-stops:.5in 1.0in'><�span
style='font-size:11.0pt;font-family:"Arial",sans-serif'>Royal <�span
class=SpellE>Sonesta<�/span> Hotel<�br>
Longfellow Room<�br>
40 Edwin Land Boulevard<�br>
Cambridge, Massachusetts<�br style='mso-special-character:line-break'>
<�![if !supportLineBreakNewLine]><�br style='mso-special-character:line-break'>
<�![endif]><�/span><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'><�o:p><�/o:p><�/span><�/p>
<�/td>
<�/tr>
<�tr style='mso-yfti-irow:6;mso-yfti-lastrow:yes'>
<�td width=678 style='width:508.5pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal align=center style='text-align:center;mso-outline-level:
2'><�b><�u><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'>PROGRAM<�/span><�/u><�/b><�span
style='font-size:11.0pt;font-family:"Arial",sans-serif;mso-fareast-font-family:
"Times New Roman";mso-fareast-language:EN-US'><�o:p><�/o:p><�/span><�/p>
<�/td>
<�/tr>
<�/table>
<�p class=MsoNormal><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'><�o:p> <�/o:p><�/span><�/p>
<�table class=MsoNormalTable border=0 cellpadding=0 width=678 style='width:508.5pt;
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=674 colspan=2 style='width:505.5pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'>Tuesday,
July 12<�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:1'>
<�td width=82 valign=top style='width:.85in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'>8:00 am<�o:p><�/o:p><�/span><�/p>
<�/td>
<�td width=590 style='width:6.15in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'>Coffee
and Pastries<�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:2'>
<�td width=82 valign=top style='width:.85in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'>8:30 am<�o:p><�/o:p><�/span><�/p>
<�/td>
<�td width=590 style='width:6.15in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'>Daniel
Lewis, Harvard University<�br>
<�span class=SpellE>Eben<�/span> Lazarus, Harvard University<�br>
James H. Stock, Harvard University and NBER<�br>
Mark W. Watson, Princeton University and NBER<�br>
<�/span><�span style='font-size:11.0pt;font-family:"Arial",sans-serif'><�a
href="http://www.nber.org/confer/2016/SI2016/EFFE/Lazarus_Lewis_Stock_Watson.pdf"><�i>HAR
Inference: Kernel Choice, Size Distortions, and Power Loss <�/i><�/a><�/span><�i><�span
style='font-size:11.0pt;font-family:"Arial",sans-serif;mso-fareast-font-family:
"Times New Roman";mso-fareast-language:EN-US'><�br style='mso-special-character:
line-break'>
<�![if !supportLineBreakNewLine]><�br style='mso-special-character:line-break'>
<�![endif]><�/span><�/i><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'><�o:p><�/o:p><�/span><�/p>
<�/td>
<�/tr>
<�tr style='mso-yfti-irow:3'>
<�td width=82 valign=top style='width:.85in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'>9:15 am<�o:p><�/o:p><�/span><�/p>
<�/td>
<�td width=590 style='width:6.15in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'>Lawrence
DW. Schmidt, University of Chicago<�br>
<�span class=SpellE>Yinchu<�/span> Zhu, University of California at San Diego<�br>
<�/span><�span style='font-size:11.0pt;font-family:"Arial",sans-serif'><�a
href="http://www.nber.org/confer/2016/SI2016/EFFE/Schmidt_Zhu.pdf"><�i>Quantile
<�span class=SpellE>Spacings<�/span>: A Simple Method for the Joint Estimation
of Multiple Quantiles Without Crossing <�/i><�/a><�/span><�i><�span
style='font-size:11.0pt;font-family:"Arial",sans-serif;mso-fareast-font-family:
"Times New Roman";mso-fareast-language:EN-US'><�br style='mso-special-character:
line-break'>
<�![if !supportLineBreakNewLine]><�br style='mso-special-character:line-break'>
<�![endif]><�/span><�/i><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'><�o:p><�/o:p><�/span><�/p>
<�/td>
<�/tr>
<�tr style='mso-yfti-irow:4'>
<�td width=82 valign=top style='width:.85in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'>10:00
am<�o:p><�/o:p><�/span><�/p>
<�/td>
<�td width=590 style='width:6.15in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'>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:5'>
<�td width=82 valign=top style='width:.85in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'>10:30
am<�o:p><�/o:p><�/span><�/p>
<�/td>
<�td width=590 style='width:6.15in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'>Matteo <�span
class=SpellE>Barigozzi<�/span>, London School of Economics and Political
Science<�br>
Marco Lippi, <�span class=SpellE>Universit<�span style='font-family:"Microsoft Himalaya"'>/<�/span>span<�/span>>
di Roma, La Sapienza<�br>
Matteo <�span class=SpellE>Luciani<�/span>, Federal Reserve Board of Governors<�br>
<�/span><�span style='font-size:11.0pt;font-family:"Arial",sans-serif'><�a
href="http://www.nber.org/confer/2016/SI2016/EFFE/Barigozzi_Lippi_Luciani.pdf"><�i>Non-Stationary
Dynamic Factor Models for Large Datasets <�/i><�/a><�/span><�i><�span
style='font-size:11.0pt;font-family:"Arial",sans-serif;mso-fareast-font-family:
"Times New Roman";mso-fareast-language:EN-US'><�br style='mso-special-character:
line-break'>
<�![if !supportLineBreakNewLine]><�br style='mso-special-character:line-break'>
<�![endif]><�/span><�/i><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'><�o:p><�/o:p><�/span><�/p>
<�/td>
<�/tr>
<�tr style='mso-yfti-irow:6'>
<�td width=82 valign=top style='width:.85in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'>11:15
am<�o:p><�/o:p><�/span><�/p>
<�/td>
<�td width=590 style='width:6.15in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span class=SpellE><�span style='font-size:11.0pt;
font-family:"Arial",sans-serif;mso-fareast-font-family:"Times New Roman";
mso-fareast-language:EN-US'>Davide<�/span><�/span><�span style='font-size:11.0pt;
font-family:"Arial",sans-serif;mso-fareast-font-family:"Times New Roman";
mso-fareast-language:EN-US'> <�span class=SpellE>Pettenuzzo<�/span>, Brandeis
University<�br>
Gary Koop, University of Strathclyde<�br>
Dimitris <�span class=SpellE>Korobilis<�/span>, University of Glasgow, Adam
Smith Business School<�br>
<�/span><�span style='font-size:11.0pt;font-family:"Arial",sans-serif'><�a
href="http://www.nber.org/confer/2016/SI2016/EFFE/Pettenuzzo.pdf"><�i>Bayesian
Compressed Vector <�span class=SpellE>Autoregressions<�/span> <�/i><�/a><�/span><�i><�span
style='font-size:11.0pt;font-family:"Arial",sans-serif;mso-fareast-font-family:
"Times New Roman";mso-fareast-language:EN-US'><�br style='mso-special-character:
line-break'>
<�![if !supportLineBreakNewLine]><�br style='mso-special-character:line-break'>
<�![endif]><�/span><�/i><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'><�o:p><�/o:p><�/span><�/p>
<�/td>
<�/tr>
<�tr style='mso-yfti-irow:7'>
<�td width=82 valign=top style='width:.85in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'>12:00 n<�o:p><�/o:p><�/span><�/p>
<�/td>
<�td width=590 style='width:6.15in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'>Lunch
and 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:8'>
<�td width=674 colspan=2 style='width:505.5pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'>Wednesday,
July 13<�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:9'>
<�td width=82 valign=top style='width:.85in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'>8:00 am<�o:p><�/o:p><�/span><�/p>
<�/td>
<�td width=590 style='width:6.15in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'>Coffee
and Pastries<�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:10'>
<�td width=82 valign=top style='width:.85in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'>8:30 am<�o:p><�/o:p><�/span><�/p>
<�/td>
<�td width=590 style='width:6.15in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'>Sydney
C. <�span class=SpellE>Ludvigson<�/span>, New York University and NBER<�br>
Sai Ma, New York University<�br>
Serena Ng, Columbia University and NBER<�br>
<�/span><�span style='font-size:11.0pt;font-family:"Arial",sans-serif'><�a
href="http://www.sydneyludvigson.com/s/ucc.pdf"><�i>Uncertainty and Business
Cycles: Exogenous Impulse or Endogenous Response? <�/i><�/a><�/span><�i><�span
style='font-size:11.0pt;font-family:"Arial",sans-serif;mso-fareast-font-family:
"Times New Roman";mso-fareast-language:EN-US'><�br style='mso-special-character:
line-break'>
<�![if !supportLineBreakNewLine]><�br style='mso-special-character:line-break'>
<�![endif]><�/span><�/i><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'><�o:p><�/o:p><�/span><�/p>
<�/td>
<�/tr>
<�tr style='mso-yfti-irow:11'>
<�td width=82 valign=top style='width:.85in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'>9:15 am<�o:p><�/o:p><�/span><�/p>
<�/td>
<�td width=590 style='width:6.15in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'>Andrea <�span
class=SpellE>Carriero<�/span>, Queen Mary University of London<�br>
Todd Clark, Federal Reserve Bank of Cleveland<�br>
Massimiliano <�span class=SpellE>Marcellino<�/span>, <�/span><�span
style='font-size:11.0pt;font-family:"Arial",sans-serif'>Bocconi University<�/span><�span
style='font-size:11.0pt;font-family:"Arial",sans-serif;mso-fareast-font-family:
"Times New Roman";mso-fareast-language:EN-US'><�br>
<�/span><�span style='font-size:11.0pt;font-family:"Arial",sans-serif'><�a
href="http://www.nber.org/confer/2016/SI2016/EFFE/Carriero_Clark_Marcellino.pdf"><�i>Measuring
Macroeconomic Uncertainty and its Impact on the Economy <�/i><�/a><�br
style='mso-special-character:line-break'>
<�![if !supportLineBreakNewLine]><�br style='mso-special-character:line-break'>
<�![endif]><�/span><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'><�o:p><�/o:p><�/span><�/p>
<�/td>
<�/tr>
<�tr style='mso-yfti-irow:12'>
<�td width=82 valign=top style='width:.85in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'>10:00
am<�o:p><�/o:p><�/span><�/p>
<�/td>
<�td width=590 style='width:6.15in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'>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:13'>
<�td width=82 valign=top style='width:.85in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'>10:30
am<�o:p><�/o:p><�/span><�/p>
<�/td>
<�td width=590 style='width:6.15in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'>Mario <�span
class=SpellE>Forni<�/span>, <�span class=SpellE>Universita<�/span> di Modena<�br>
Luca <�span class=SpellE>Gambetti<�/span>, <�span class=SpellE>Universitat<�/span>
<�span class=SpellE>Autonoma<�/span> de Barcelona<�br>
Luca Sala, Bocconi University<�br>
<�/span><�span style='font-size:11.0pt;font-family:"Arial",sans-serif'><�a
href="http://www.nber.org/confer/2016/SI2016/EFFE/Forni_Gambetti_Sala.pdf"><�i>VAR
Information and the Empirical Validation of DSGE Models <�/i><�/a><�/span><�i><�span
style='font-size:11.0pt;font-family:"Arial",sans-serif;mso-fareast-font-family:
"Times New Roman";mso-fareast-language:EN-US'><�br style='mso-special-character:
line-break'>
<�![if !supportLineBreakNewLine]><�br style='mso-special-character:line-break'>
<�![endif]><�/span><�/i><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'><�o:p><�/o:p><�/span><�/p>
<�/td>
<�/tr>
<�tr style='mso-yfti-irow:14'>
<�td width=82 valign=top style='width:.85in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'>11:15
am<�o:p><�/o:p><�/span><�/p>
<�/td>
<�td width=590 style='width:6.15in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'>Geert <�span
class=SpellE>Bekaert<�/span>, Columbia University and NBER<�br>
Eric <�span class=SpellE>Engstrom<�/span>, Federal Reserve Board of Governors<�br>
Andrey <�span class=SpellE>Ermolov<�/span>, Fordham University<�br>
<�i><�a href="Bekaert_Engstrom_Ermolov.pdf">Macro Risks and the Term Structure
of Interest Rates<�/a><�br style='mso-special-character:line-break'>
<�![if !supportLineBreakNewLine]><�br style='mso-special-character:line-break'>
<�![endif]><�/i><�o:p><�/o:p><�/span><�/p>
<�/td>
<�/tr>
<�tr style='mso-yfti-irow:15'>
<�td width=82 valign=top style='width:.85in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'>12:00 n<�o:p><�/o:p><�/span><�/p>
<�/td>
<�td width=590 style='width:6.15in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'>Lunch
and 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:16'>
<�td width=82 valign=top style='width:.85in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'>6:00 pm<�o:p><�/o:p><�/span><�/p>
<�/td>
<�td width=590 style='width:6.15in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'>Clambake<�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:17'>
<�td width=674 colspan=2 style='width:505.5pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'>Thursday,
July 14<�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=82 valign=top style='width:.85in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'>8:00 am<�o:p><�/o:p><�/span><�/p>
<�/td>
<�td width=590 style='width:6.15in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'>Coffee
and Pastries<�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=82 valign=top style='width:.85in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'>8:30 am<�o:p><�/o:p><�/span><�/p>
<�/td>
<�td width=590 style='width:6.15in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'>Harrison
Hong, Princeton University and NBER<�br>
<�span class=SpellE>Weikai<�/span> Li, Hong Kong University of Science and Technology<�br>
<�span class=SpellE>Jiangmin<�/span> Xu, Peking University<�br>
<�/span><�span style='font-size:11.0pt;font-family:"Arial",sans-serif'><�a
href="http://www.nber.org/confer/2016/SI2016/EFFE/Hong_Li_Xu.pdf"><�i>Climate
Risks and Market Efficiency <�/i><�/a><�/span><�i><�span style='font-size:11.0pt;
font-family:"Arial",sans-serif;mso-fareast-font-family:"Times New Roman";
mso-fareast-language:EN-US'><�br style='mso-special-character:line-break'>
<�![if !supportLineBreakNewLine]><�br style='mso-special-character:line-break'>
<�![endif]><�/span><�/i><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'><�o:p><�/o:p><�/span><�/p>
<�/td>
<�/tr>
<�tr style='mso-yfti-irow:20'>
<�td width=82 valign=top style='width:.85in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'>9:15 am<�o:p><�/o:p><�/span><�/p>
<�/td>
<�td width=590 style='width:6.15in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'>Christiane
J.S. <�span class=SpellE>Baumeister<�/span>, University of Notre Dame<�br>
Lutz Kilian, University of Michigan<�br>
<�i><�a href="http://www.nber.org/confer/2016/SI2016/EFFE/Baumeister_Kilian.pdf">A
General Approach to Recovering Market Expectations from Futures Prices with
an Application to Crude Oil<�/a><�br style='mso-special-character:line-break'>
<�![if !supportLineBreakNewLine]><�br style='mso-special-character:line-break'>
<�![endif]><�/i><�o:p><�/o:p><�/span><�/p>
<�/td>
<�/tr>
<�tr style='mso-yfti-irow:21'>
<�td width=82 valign=top style='width:.85in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'>10:00
am<�o:p><�/o:p><�/span><�/p>
<�/td>
<�td width=590 style='width:6.15in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'>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:22'>
<�td width=82 valign=top style='width:.85in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'>10:30
am<�o:p><�/o:p><�/span><�/p>
<�/td>
<�td width=590 style='width:6.15in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'>Martin
M. <�span class=SpellE>Andreasen<�/span>, Aarhus University<�br>
Jens Christensen, Federal Reserve Bank of San Francisco<�br>
Kevin Cook, Federal Reserve Bank of San Francisco<�br>
Simon Riddell, Federal Reserve Bank of San Francisco<�br>
<�/span><�span style='font-size:11.0pt;font-family:"Arial",sans-serif'><�a
href="http://www.nber.org/confer/2016/SI2016/EFFE/Andreasen_Christensen_Cook_Riddell.pdf"><�i>The
TIPS Liquidity Premium <�/i><�/a><�/span><�i><�span style='font-size:11.0pt;
font-family:"Arial",sans-serif;mso-fareast-font-family:"Times New Roman";
mso-fareast-language:EN-US'><�br style='mso-special-character:line-break'>
<�![if !supportLineBreakNewLine]><�br style='mso-special-character:line-break'>
<�![endif]><�/span><�/i><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'><�o:p><�/o:p><�/span><�/p>
<�/td>
<�/tr>
<�tr style='mso-yfti-irow:23'>
<�td width=82 valign=top style='width:.85in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'>11:15
am<�o:p><�/o:p><�/span><�/p>
<�/td>
<�td width=590 style='width:6.15in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'>Eric T.
Swanson, University of California at Irvine and NBER<�br>
<�/span><�span style='font-size:11.0pt;font-family:"Arial",sans-serif'><�a
href="http://www.nber.org/confer/2016/SI2016/EFFE/Swanson.pdf"><�i>Measuring
the Effects of Federal Reserve Forward Guidance and Asset Purchases on Financial
Markets <�/i><�/a><�/span><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'><�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=82 valign=top style='width:.85in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'>12:00 n<�o:p><�/o:p><�/span><�/p>
<�/td>
<�td width=590 style='width:6.15in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'>Lunch
and 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'>
<�td width=674 colspan=2 style='width:505.5pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'>Friday,
July 15<�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:26'>
<�td width=82 valign=top style='width:.85in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'>8:00 am<�o:p><�/o:p><�/span><�/p>
<�/td>
<�td width=590 style='width:6.15in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'>Coffee
and Pastries<�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:27'>
<�td width=82 valign=top style='width:.85in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'>8:30 am<�o:p><�/o:p><�/span><�/p>
<�/td>
<�td width=590 style='width:6.15in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span class=SpellE><�span style='font-size:11.0pt;
font-family:"Arial",sans-serif;mso-fareast-font-family:"Times New Roman";
mso-fareast-language:EN-US'>Emre<�/span><�/span><�span style='font-size:11.0pt;
font-family:"Arial",sans-serif;mso-fareast-font-family:"Times New Roman";
mso-fareast-language:EN-US'> <�span class=SpellE>Yoldas<�/span>, Federal
Reserve Board<�br>
<�span class=SpellE>Zeynep<�/span> <�span class=SpellE>Senyuz<�/span>, Federal
Reserve Board<�br>
<�/span><�span style='font-size:11.0pt;font-family:"Arial",sans-serif'><�a
href="http://www.nber.org/confer/2016/SI2016/EFFE/Yoldas_Senyuz.pdf"><�i>Financial
Stress and Equilibrium Dynamics in Money Markets <�/i><�/a><�/span><�i><�span
style='font-size:11.0pt;font-family:"Arial",sans-serif;mso-fareast-font-family:
"Times New Roman";mso-fareast-language:EN-US'><�br style='mso-special-character:
line-break'>
<�![if !supportLineBreakNewLine]><�br style='mso-special-character:line-break'>
<�![endif]><�/span><�/i><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'><�o:p><�/o:p><�/span><�/p>
<�/td>
<�/tr>
<�tr style='mso-yfti-irow:28'>
<�td width=82 valign=top style='width:.85in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'>9:15 am<�o:p><�/o:p><�/span><�/p>
<�/td>
<�td width=590 style='width:6.15in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'>Torben
G. Andersen, Northwestern University and NBER<�br>
Nicola <�span class=SpellE>Fusari<�/span>, Johns Hopkins University<�br>
Viktor <�span class=SpellE>Todorov<�/span>, Northwestern University<�br>
<�/span><�span style='font-size:11.0pt;font-family:"Arial",sans-serif'><�a
href="http://www.nber.org/confer/2016/SI2016/EFFE/Andersen_Fusari_Todorov.pdf"><�i>The
Pricing of Tail Risk and the Equity Premium: Evidence from International
Option Markets <�/i><�/a><�/span><�i><�span style='font-size:11.0pt;font-family:
"Arial",sans-serif;mso-fareast-font-family:"Times New Roman";mso-fareast-language:
EN-US'><�br style='mso-special-character:line-break'>
<�![if !supportLineBreakNewLine]><�br style='mso-special-character:line-break'>
<�![endif]><�/span><�/i><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'><�o:p><�/o:p><�/span><�/p>
<�/td>
<�/tr>
<�tr style='mso-yfti-irow:29'>
<�td width=82 valign=top style='width:.85in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'>10:00
am<�o:p><�/o:p><�/span><�/p>
<�/td>
<�td width=590 style='width:6.15in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'>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:30'>
<�td width=82 valign=top style='width:.85in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'>10:30
am<�o:p><�/o:p><�/span><�/p>
<�/td>
<�td width=590 style='width:6.15in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'>Mathias
S. <�span class=SpellE>Kruttli<�/span>, Board of Governors of the Federal
Reserve System<�br>
<�i><�a href="Kruttli.pdf">From Which Consumption-Based Asset Pricing Models
Can Investors Profit? Evidence from Model-Based Priors<�/a><�br
style='mso-special-character:line-break'>
<�![if !supportLineBreakNewLine]><�br style='mso-special-character:line-break'>
<�![endif]><�/i><�o:p><�/o:p><�/span><�/p>
<�/td>
<�/tr>
<�tr style='mso-yfti-irow:31'>
<�td width=82 valign=top style='width:.85in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'>11:15
am<�o:p><�/o:p><�/span><�/p>
<�/td>
<�td width=590 style='width:6.15in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'>Simone <�span
class=SpellE>Manganelli<�/span>, European Central Bank<�br>
<�/span><�span style='font-size:11.0pt;font-family:"Arial",sans-serif'><�a
href="http://www.nber.org/confer/2016/SI2016/EFFE/Manganelli.pdf"><�i>Asset
Allocation with Judgment <�/i><�/a><�/span><�i style='mso-bidi-font-style:normal'><�span
style='font-size:11.0pt;font-family:"Arial",sans-serif;mso-fareast-font-family:
"Times New Roman";mso-fareast-language:EN-US'><�br style='mso-special-character:
line-break'>
<�![if !supportLineBreakNewLine]><�br style='mso-special-character:line-break'>
<�![endif]><�/span><�/i><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'><�o:p><�/o:p><�/span><�/p>
<�/td>
<�/tr>
<�tr style='mso-yfti-irow:32;mso-yfti-lastrow:yes'>
<�td width=82 valign=top style='width:.85in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'>12:00 n<�o:p><�/o:p><�/span><�/p>
<�/td>
<�td width=590 style='width:6.15in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='font-size:11.0pt;font-family:"Arial",sans-serif;
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-US'>Lunch
and Adjourn<�o:p><�/o:p><�/span><�/p>
<�/td>
<�/tr>
<�/table>
<�p class=MsoNormal><�span style='font-size:11.0pt;font-family:"Arial",sans-serif'><�o:p> <�/o:p><�/span><�/p>
<�/div>
<�/body>
<�/html>