Upload
others
View
2
Download
0
Embed Size (px)
Citation preview
NBER WORKING PAPER SERIES
THE COST OF LABOR ADJUSTMENT:INFERENCES FROM THE GAP
Russell CooperJonathan Willis
Working Paper 10006http://www.nber.org/papers/w10006
NATIONAL BUREAU OF ECONOMIC RESEARCH1050 Massachusetts Avenue
Cambridge, MA 02138September 2003
The authors thank the NSF for financial support. Cooper thanks the Federal Reserve Bank of Minneapolisfor its hospitality during revisions of this manuscript. The views expressed herein are those of the authorsand are not necessarily those of the Federal Reserve Bank of Kansas City, the Federal Reserve Bank ofMinneapolis, the Federal Reserve System, or National Bureau of Economic Research.
©2003 by Russell Cooper and Jonathan Willis. All rights reserved. Short sections of text, not to exceed twoparagraphs, may be quoted without explicit permission provided that full credit, including © notice, is givento the source.
The Cost of Labor Adjustment: Inferences from the GapRussell Cooper and Jonathan WillisNBER Working Paper No. 10006September 2003JEL No. J23, E24
ABSTRACT
We study labor adjustment costs. We specify a dynamic optimization problem at the plant-level,
allowing for both convex and non-convex adjustment costs. We estimate the parameters of the
adjustment process using an indirect inference procedure in which simulated moments are matched
with data moments. For this study we use estimates of reduced-form adjustment functions obtained
by the “gap methodology” reported in Caballero-Engel as data moments. Contrary to evidence at
the micro level in support of non-convex adjustment costs, our findings indicate that piecewise
quadratic adjustment costs are sufficient to match these aggregate moments.
Russell W. CooperDepartment of EconomicsUniversity of TexasAustin, TX 78712and [email protected]
Jonathan WillisResearch Department Federal Reserve Bank of Kansas City925 Grand BoulevardKansas City, MO [email protected]
� ������������ ��������
������������� �"!��$#&%�'������)(*�,+ -,!��,'/.$%��$#&01�"23#)4�-5�6#7��8�9:%;!=<>-?4�%��)���=-,2@�*2;<>�"!&!$�*2�AB#7�����6#7!$%�4"#&%�!&��-�<�,'/.$%��$#&01�"23#C4�-5�6#7����#D#7���E01��4�!&-GFH(*�JI5�"(K<>!$-50L�,A5A5!$��AM�G#7�E-,+��&�"!$I���#7��-52��D-,<���0���(*-ON?0���2M#CA5!$-OP�#7�Q8RH2B'�-5��2�AS�&-�T�PD�U4�-52��$�*'��"!�01-?'��"(*�CP���#&�+ -,#&�V?%��,'�!7�G#7�*4U�,2;'B2;-52WFH4"-52MI5�YXZ��'G.$%��$#&01�"2M#[4"-5�$#&��8\]�:^�2�'#7����#_�`0�-W'��"( P��a#7�B���*�"4��JFbP��*�$�:V?%��,'�!7�G#7�*4U�,'/.$%��$#&01�"23#_4"-5�$#&��^;#7��#7���:<c�,4J#7��+d���$#�8
�����1�,2��,(aN?�&�*�e-,<f(g�,+d-5!e�,'/.$%��$#&01�"23#=�*2ih[�,01�"!&0����$�kj ñml5n5lMo �,2;'@pC�,+��,(*(���!&-;Trq�2�A,��(bTs�,2;'h[�,(�#&��Pf�,2�A5�"!tj ñOl5lMu5o ��!$���&�"2M#7�_���&�"!&��-5%��f4v���,(*(���2�A5�_#7-�#&���tV3%��,';!7��#&�*4t��'G.$%��$#&01�"2M#C4�-,�$#�0�-W';��(�,2;'w�&%;����(*�����e�"I?��'���2�4"���*2x<c�mI5-5!U-,<f2�-52WFy4�-52MI5�YXz��'G.$%��$#&01�"2M#�4"-5�$#&�)��#e#7�;�1��(*�,2M#$Fy(*�"I,��({8|pC�GF+���(*(*�"!&-`�,2;'Zq�2�A5�"(fj ñOl5l5}5o T����"!&�m�G<~#7��!EpCq�Td�,2�'�pC�,+��,(�(*��!$-�T�q�2�A5�"(bTd�,2�'�hE��(�#7�aPC��2�A5��!=j ñOl5lMu5o T���"!&����<~#7�"!�pCq�h=TWA5-�<>%�!6#7���"!C�,2�'��,!&A5%;�[#7����#��,A,A5!&�"AM��#7�"'��"01��(�-ONW0���2M#fA5!&-OP�#7���*�D��2�-52�(��*2����,!<>%�2;4"#7��-52B-,<��"01��(�-ONW0���2M#[AM�,���"TK'��"^�2;��'��,��#7�;��'��a���"!&��2;4��U+ �J#HPf�"��2�4�%;!&!&�"2M#:�,2�'B#v�,!$A5�"#_�"0`F��(�-ONW0���2M#�8E�������t4�-52;4�(*%;�&�*-,2��*�_I?�*�"PD��'i�,�"�=jc� o �"I?��'���2�4"�S�,AM���*2��6#E#7�;��V3%��,'�!&��#7��4)�,'/.$%��$#&01�"23#4"-5�$#e0�-W';��(���2�'�jc��� o �&%�A5A,���$#&��I,�`#&����#:�;(g�,2M#$Fy(*�JI5��(r2�-52WFy4�-52MI,�JXW��#&�*���e���mI,�`�,A5A5!$��AM��#&�)�*0���(��*4m�/F#&�*-52��"8
pf-?-5� �"!C�,2;'�\��*(�(*�*�_j{�,�5� }5o 4v����(*(*�"2�A5�"��#&���*�D4�-52�4"(*%��$�*-521+MN��,2��,(�N?����2�A=#&���E��01�;(*�*4���#7��-52���-�<��0�-?'���(s-,<�';N?2��,0��*4=(g�,+d-5!_'���01�,2�'�P��a#7��V3%��,';!7��#&�*4)��'G.$%��$#&01�"2M#:4�-5�6#7�"8e\��;�*(*�U#7�����E0�-W';��(����%�2���+�(*��#&-@01��#74v��#&���Z!&��4v������#$#7�"!&2��|-,<e(*�,+d-5!���'G.$%��$#&01�"2M#��#�#&���Z��(*�,2M#$FH(��"I,��(bT_pf-?-5�d��!�,2;'i\���(*(*���Sj{�,�5� }Mo ^�2�']#&����#U��#e4��,2]�;!&-?'�%�4��1�2�-52�(��*2����,!:!&�"(g��#&�*-52��$���*��+d�"#HPD���"2z�,A5A,!&��A5��#7��"01��(�-ONW0���2M#`A5!$-OP�#7���,2�'���0���(*-ON?0���2M#`AM�,���`%��$�*2�A�#&���01�J#7��-?'�-5(�-5A5�*�"�)-,<tpCq��,2�'�pCq�h=8���3%��t#&����^�2�';�*2�A5�[-,<DpCq���2�'xpCq�h�'�-�2�-�#t2��"4����$�7�,!$�*(aN�!$�"���"4"#U�,A5A,!&��A5��#7�=�"� ��4"#&�:-,<���(*�,2M#$F(��"I5�"(�2�-52WFy4�-52MI,�JXW��#&�*���"8
�f%;#�TUpf-W-,� �"!���2�'�\���(*(*����j{�,�5� }Mo '�-�2�-,#�%�2�4"-OI5��!B#7���i�$#&!&%�4J#7%�!&�,(e01-?'��"(t#7����#BPD-5%�(*'A5�"2���!&��#7��#&���[pCqw^�2�'���2�A5��8�������#��*�"T5#7���"�*!��,2���(�N?�&����'�-W�"��2�-,#D�,2��6Pf�"!�#&����<>-5(*(�-/P���2�AtV3%��"�$#7��-52Q�P����G#���(*�,2M#$Fy(*�"I,��(�(*�,+ -,!`�,'G.$%��6#70���2M#�4"-5�$#&��%�2;'���!$(*�*�|#&����!$���$%�(�#&�1!$���d-5!$#&��'���2�pCq��Z�t-x#7���!$���&%;(�#7�:��2ipCq�!&�J����4J#e#7���`�,A,A5!&�"AM��#7�S��01�;(*�*4���#7��-52���-,<D2�-52WFy4�-52MI,�JXi�,'/.$%��$#&01�"23#U4"-5�$#&�=�G#t#7�����(*�,2M#$Fy(*�"I,��(g�
� 2;�$PD��!&��2�Aw#&�����$�ZV3%����6#7�*-,2�������#&����A5-5�,(�-,<t#7�;�*�����,�d��!�8��DN�'�-,�*2�A]�&-�TfPD���,!$�B#7�,�3�*2�A�$-501�S(��m�,';�*2�A��6<c��4"#7�$����+ -5%W#e(g�,+d-5!t';N?2���01��4���T�2;�m��#&(�N��$%�0101�,!$�*���"'�+MN]pCq�T���2�']��2�'���!&��4J#7(aN��2;<>��!$!&�*2;A=#7�;�E%�2�';��!&(aN?�*2�A)�6#7!$%�4"#&%�!&�:-,<s��'G.$%��$#&01�"2M#C4�-,�$#7�"8����?%;��-5%�!f!$���$%�(�#&���,!&�E�*2;<>-5!$0��G#7��I,��,+d-5%;#�#&���e2���#&%�!&�e-,<r(g�,+d-5!���'G.$%��$#&01�"2M#[4"-5�$#&�_�,��Pf�"(*(��,�C#&���e�*2;<>�"!&��2;4����_-52��e4��,2�';!7�mP�<>!$-50#&���=pCq�AM�,�0��"#7�;-W'�-,(*-5A,N,8
RH2�#&���*���,2���(�N?�&����TfPD���$� �"4���<~N��i';N?2��,0��*4-5�;#&�*0��*����#7��-52z��!&-,+�(*�"0 ��#1#&���^�!&0 (*�JI5�"([��(aF(�-/P���2�AV3%��,'�!&��#7��4,Ts2�-52WFy4�-52MI5�YX@4"-5�$#&����2�'w������4"�JFyP����&��(*��2��m�,!:4"-5�$#&��-,<C�,'G.$%��6#7��2�A�(*�,+d-5!�8`\w�%��$�)#7����!&��';%�4��"'WFy<>-5!$0��"�$#&�*01��#7�"�t-,<DpCq�#&-����6#7��0���#&�=#&���)�$#&!&%�4J#7%�!&�,(�����!7�,0��"#&��!&�[-,<D�,'G.$%��6#$F
�
0���2M#=4�-5�6#7��8���������� �������� ���� �������������� � �!�#"$%�&�(')���*�������� �+��� ,-���&���� �.�/�!01�&�2 �����3�� 01�4�����5�6��������-�879� �&�!:<;����?%;�t#7���`�,A,A5!&�"AM��#7�=�"I?�*';��2�4"��%;�&��'x��2xpCq����t4�-52;�&�*�6#7�"23#P��a#7�@#7�;�B��01�;(*�*4���#7��-52��e-,<[��01-?'��"(DP���#&�����*�"4��JFbP��*�$�|V?%��,'�!7�G#7�*4��'G.$%��$#&01�"2M#`4�-5�6#7�SP���#&��-5%;#2�-,2WFH4"-52MI5�JXW�a#7�*�"��8>=
? @ ACBB�EDGF �m HJI����-F �LKMD=���"�1� N�9DGF OQP �1�SR
9t%�!e�,�;��!&-M��4v�w+d��A5��2��tP���#&�x#&���`�&�d��4"��^�4���#7��-52]-�<C�|';N?2��,0��*4S-,�;#7��01���m��#&�*-52���!&-5+;(*��0 ��#:#7�����(*�,2M#$Fy(*�"I,��({8=\]����2M#7!&-?'�%�4"�`��I,��!&�*�J#HNZ-,<f�,'G.$%;�$#70���2M#U4�-,�$#7�e��23#&--5%�!:0�-W'��"(b8>Tz�����`-5�;#&�*01�,('��"4����&�*-,2�!$%�(*�"���,!&��4v����!7�,4J#7��!$�*�"��'1�,2�'�%��&�"'�#&-=4"!&�m�G#7�_�:�&�*0�%�(g��#&��'S'��G#v�:�&�J#DP�����4v�1�;!&-OI?�*'��"�D�+����&�*��<>-5!��"�$#7��0��G#7�*-,2|-,<��6#7!&%;4"#7%;!7�,(����,!&�,0��"#7�"!&�"8 � ��#7�;�=�"�$#7��0��G#7�*-,2|%��&�"�[#7�;�=AM�����,�;��!&-M��4v�-,<�pCq]�,2�'1pCq�h=T,PD��'��*�$��(g�mN=��!&-5�d��!6#7������-,<d#7�;���&����(�#7�"!&2��G#7��I,�C0�-W'��"(*�s<>!&-50 #7����#�� �"!&�&�d��4J#7�aI5�,8
U�-5(*(�-OP��*2�A�#&���`2�-,#7��#7��-52x�,2�'i��!&�"�&�"23#7��#7��-52i�*2]pCq�h=T�#7���`AM���i+d�"#HPD���"2w#7�;��';���&��!&�"']�"0`F��(�-ONW0���2M#`��2�'z#7���|��4"#7%��,(C��0���(�-/N?0���2M#Bj>�*2z(*-,A5� o T���#)#&���|�$#7�,!$#`-,<_�d��!$�*-?'V=<>-,!)��(g��23#XW:�*�'��J^�2��"'Z�,�
YLZ\[)]_^`6aZ\[.b ^`LZ\[dc ;fehg j ñ/oh_��!&� ^` aZ\[ �*�t#&���S#v�,!$A5�"#e(��"I5�"(�-,<f�"01�;(*-ON?01�"23#eA,��I5�"2i#&���`!&���,(*���m��#&�*-52Z-�<C�,(�(��d��!&��-W'�V[!7�,2;'�-50I��,!$�g�,+�(����U�,2�' ^`LZi[dc ; �*�e#7���Zjc(*-,A o (��"I,��(���0���(*-ON?01�"2M#S��#=#7���1�$#v��!$#)-�<�� �"!&��-W'�Ve��!&��-5!U#&-��,2MN�d��!$�*-?'(V)�,'G.$%��6#70���2M#7�"8����3%��"T YLZ\[ ���`�iA5�,��+d�"#HPD���"2�#7�;�#7�,!&A,�"#1�,2�'��,4"#&%��,(��"01��(�-ONW0���2M#(��"I5�"(*�"8kj
� ���"N)����0��m�,�$%�!&��2�AE#7�;�f#v�,!$A5�"#�(*�"I,��(W-,<d��0���(*-ON?01�"2M#mT ^` aZi[ 8lU�-5!�#&�����,2���(�N?�&����-,<�#&����01-?'��"(*���2�#7�����t�&�"4"#&�*-52QTQPD�S'��J^�2��S#7���G#t#v�,!$A5�"#:�,�t#7����(*�"I,��(�-�<D�"01�;(*-ON?01�"23#E#7����#EPf-5%;(*'�+d�S4v��-5�&�"2�a<s�,(*( �,'G.$%��6#70���2M#�4"-5�$#&�CPf�"!&�e!&�"01-OI5�"'|<>-5!C�)�$�*2�A5(��E�d��!$�*-?'Q89U�-5(*(�-OP��*2�A�pCq�PD�t#7�"!&0 #7�����f#7���2 �m �3��n0.��on�p�L�X�6�*���q�r�58D\]��'����&4�%;�&�_��-OP #7�����_����4�-52��6#7!$%�4"#&��'Z<>-5!�#7�;�='��a���"!&�"23#[�&�d��4"��^�4���#7��-52��-,<��,'G.$%;�$#70���2M#_4�-,�$#7�"8
s ��I5�"2i�0��m���&%�!$��-�<D#&���`��0���(*-ON?01�"2M#t#v�,!$A5�"#�T�#7���S4v����2�A5���*2���0���(�-/N?0���2M#mT�t ^`LZ\[ TQ<>-5!e�u ×FܶÐ]ÍÙ¾MÌ ¾ ß�ÍÎÄ_¾1voÀ;¿ÓÔ=Ã�¿kÁ[ÍÎÌéßO¾bÞ/¾M¿mÅ3¿�voÀ;¿mÔ=Ã�¿kÁ@ÍÙÌéÊ|ÂmÃ@Þ�Ê|ÂÓÃ?¿mÔxw�À;Ä�Á@Þ/¾ ÅoÁ·Ì ÂÓÄ_Á@Ä1ÍÙÅ3ß�½]ÍÎÌ�½"Á[½;¾SÄ[ÌM¿�Ïο�ÃqÐK¿�Ã�¿�Þ/¾vÁ@¾ Ã
Ô=¾ Ð+¾ ÅKÔ]Ä�ÂmÅ®Á[½;¾3Ä_ÍÙÝmÅ'Â�Ê*¾ Þ/Ð]ÏÙÂkÜ~ÞG¾MÅoÁ,ÝÓÃ[Âkß,Á@½qÑy ÒFÏÚ¾á¿�Ã@ÏÚÜ$¿/Ì ÂmÞ/Ð]ÏÙ¾ Þ/¾ ÅoÁ@¿mÃ[Ü®¿�Å;¿mÏÚÜ=Ä[ÍÙÄOÂ�Ê*Ð]Ïο�ÅoÁ z ÏÙ¾ Öm¾MÏ1Ô]¿kÁ�¿�ÍÎÄ�ÍÙÅ�ÂmÃ�Ô=¾ Ã�¿�ÅKÔ$Á@½;¿kÁ�¾ à=¾ Ã�ÌvÍÎÄ_¾Óä{w�ÂÓÍÚÅoÁ�ß�ÍÚÁ[½�ïÓÂm½]Å
| ¿mÏÛÁ@ÍÚß,¿�Å]ÝÓ¾ Ãáä~ÍÙÄ,ÍÙÅ�Ð]Ã[Â=Ì ¾MÄ@Ä Ñ} | ¿�Þ/¾MÃ[Þ/¾MÄ[½G~n�{�&�f�L�SÐ;Ã[ÂkÖ~ÍÎÔ=¾MÄ,¿/Ô=¾vÁ�¿�ÍÙÏÚ¾áÔ�Ô=ÍÙÄ@ÌvÀKÄ[Ä[ÍÚÂÓÅ$ÂmÊ·Ök¿�Ã@ÍÙÂmÀ;ÄOÞ/Â=Ô=¾ ÏÎÄ�Â�Ê·ÏÙ¿mìKÂÓÃ�¿mÔ�w�ÀKÄ�Á@ÞG¾MÅoÁMÑ� ð ½]¾ Å]¾MÖm¾MÃOßO¾¶Ã[¾ Ê|¾ ÃOÁ[Â�Á[½]¾áÄ_¾�Ýo¿�Ð$Þ/¾á¿mÄ[À]Ã[¾áÄF¿mÅ;ÔîÃ@¾ ÏοkÁ@¾�Á@½]¾ Þ Á[Â/¾ Þ/Ð]ÏÙÂkÜ~ÞG¾MÅoÁMä=¿�ÏÙÏ�Ö�¿mÃ[Íο�ì;ÏÚ¾áÄF¿mÃ[¾¶ÍÚÅ'ÏÙÂmÝÓÄMÑ
¼IÂ.Ô=ÍÎÄ_Á[ÍÙÅ]ÝmÀ]ÍÎÄ[½'ÏÙÂmÝoÄFÊ|Ã[ÂÓÞ ÏÚ¾MÖm¾MÏÙÄMä=ßF¾3Ô]¾ Å]ÂmÁ[¾¶Á[½]¾"ÏÙÂmÝ/ÂmÊ?¾ Þ/Ð]ÏÙÂkÜ~Þ/¾ ÅoÁ�ì~ÜX����>� Ñ� ¼,½]ÍÙÄdÞ/¾M¿mÄ[À]Ã@¾.Â�Ê,Á[½;¾îÝÓ¿mÐ%Ô]Âo¾áÄ"Å]ÂmÁ�ÌvÂÓÃ[Ã@¾MÄ[ÐKÂÓÅ;ÔXÁ[Â�Á@½;¿kÁdÍÙÅCÈ~¾áÌ�Á@ÍÚÂÓÅX�%�"Â�Ê�ÒOç�Ñ?ðX¾$¿mÃ[¾îÌM¿�Ã@¾vÊ|À]ÏSÍÚÅ%Á@½]¾¾MÄ_Á[ÍÙÞ.¿kÁ[ÍÙÂmÅ/Ð]½K¿mÄ[¾FÁ@Â3ÌvÂÓÅoÖÓ¾ Ã[Á?Á@Â�Á[½]¾�ÒOçÔ]¾vË;Å]ÍÚÁ[ÍÙÂmÅKÄéì]À=ÁbËKÅ;Ô�Á[½]¾�Ä[Ð+¾MÌvÍÚËKÌM¿kÁ[ÍÙÂmÅGÍÙÅ�~ ���*¾á¿mÄ[ÍÚ¾M÷Ê|ÂmÃéÁ@½]¾�¿�Å;¿mÏÚÜ=Ä[ÍÙÄMÑÈ~¾ ¾dÒFÂ~ÂmÐ+¾ Ã�¿mÅ;Ô'ð ÍÚÏÙÏÙÍÙÄS~����&�f�&�bÊ|ÂmÃ,Ê|À;Ã_Á@½]¾ Ã�Ô=ÍÎÄ@ÌvÀ;Ä@Ä_ÍÙÂmÅ'Â�Ê·Á[½;¾MÄ[¾¶Þ/¾á¿mÄ[À]Ã[¾áÄ Ñ
}
��(*�,2M#��*���YXW��!&�"�&�&�"'�,���t<>%�2�4J#7�*-,2�-�< #&������0���(*-ON?01�"2M#�AM�,�QT��zj YLZ\[ o T3P��;��!&���zj�� o ����#7���������m�,!$'-5!_�,'/.$%��$#&01�"23#[!7�G#7�:<>%�2�4J#7�*-,2Q8��|RH2B#7���e<>-5(�(*-OP��*2�AS�$��4J#7�*-,2���T�PD���*(�(*%��6#7!&��#7�E#&���U0��,�;���*2�AS<>!$-50�,(a#7�"!&2���#&��I,�:�&�d��4��a^�4m�G#7�*-,2���-,<��,'G.$%��6#70���2M#_4�-5�6#7��#7-��zj�� o 8
� � ����������������������� �!����"$#&%('�"$)+*�,-�.��"#$#7��2�A0/L!&�"��!&�"�&�"23#=#7������!$-,^�#v��+��*(���#HNZ-�<����;!&-?'�%�4"#&�*-52i%�2��a#�jc�,8 A�8|�B��(g��23#U-5!U�^�!&0 o T�Pf�4"-52��&��'���!�#&���:<>-5(*(�-/P���2�A)';N?2���01��4t��!&-,A5!7�,0�0��*2�A)�;!&-5+�(���0
1�j2/43 ` c ; o65 0��GX7�8 9;: j</=3 ` 3?> o bA@ j ` 3B> o bDC j ` 3 ` c ; oFEHG-IKJMLON J 1�j</�PQ3 ` o e jb� o
h_��!&�R>]!$����!$���&�"2M#7�=#&�����*2���%W#e-,<C��-,%�!&�e�d��!:Pf-,!&�,�"!�T ` c ; �*�t#&�����*2����"!&�a#7��'x�6#7-?4v��-,<fPD-5!&����!$��,2;' ` �*��#&�����$#7-?4v�S-,< 4�%�!$!&�"23#�PD-5!&����!$��8TS[-,#&��#7����#7��01��2�At���&�&%;01�;#&�*-52`-,<d#7�;�_0�-?'���({�sPD-5!&����!$�����!&�"'B��2B�`A,��I5�"2��d��!$�*-?'|+ �"4�-50��e��!&-?'�%�4J#7�aI5�e�*0�01�"'��g�G#7��(aN58
.��"# ` 5VU 7 j2/43 ` c ; o �,2�'H> 5VU 9 j</43 ` c ; o +d��#7���|�d-5(��*4"N�<>%;2�4"#&�*-52��"8AWW�*2�4"��PD�|-5+��&�"!$I,�I��,!$�g��#&�*-52��:��2x��0���(*-ON?01�"2M#)�,2;']��-,%�!&�"Tr#7�;���&�1� -,(*�*4JNZ<>%�2�4J#7��-52���T�P�����4v�w'��"� �"2�'@-52i#7����%�2WF'��"!&(aNW��2�A����,!7�,0��"#&��!$�C-,<�#7�;�E<>%�2�4J#7�*-,2��f��2xjb� o T;��!$-OIW��'��E#&���t(*��2��S+d�"#HPD����2#7�;�t01-?'��"(��,2;'�#7���'��G#v�;8
� �_#7���U�*2M#&��!&�"�$#&�*2�A��,�&�d��4J#t-,<�#&���*�_��!$-5+�(*�"0 �*��#7���U4�-,�$#t-�<�(g�,+d-5!��,'/.$%��$#&01�"23#�T C j ` 3 ` c ; o TPD�Z�&��01�;(*��<~Nw#7�����,2��,(aNW�$�*���,2�'k�,�$�&%�0���#&����!$���,!&��2�-z�,'/.$%��$#&01�"23#�4�-5�6#7��<>-5!�4m������#7�,(b8�X � �#&���1^�!$0 -5�;#7��0���(*(�N�4v��-?-5�&�"�)-OI5��!=#7����!$��2M#v��(D-,<�4��,���a#v�,({TsPD���&�d��4"��<~N]��!$��'�%�4"��'z�YX;�;!&���$�&��-52-,<D4�%;!&!&�"2M#�!$�"I5�"23%�����jc2��J#=-�<f4��,����#7�,(�4"-5�$#&� o A5��I,��2i+MN : j</43 ` 3?> o 8 U�-5!t#7�;��4��,�&�`-,<f��pf-5+�+WF�t-5%;A5(g�,�S�;!&-?'�%�4"#&�*-52�<>%�2�4J#7�*-,2��*2�P�����4v��#7���B(g��+ -5!`��2���%;#��*���&��01�;(�N@#&�����;!&-?'�%�4"# ` >QTf#7���!$�"I5�"23%��=<>%�2;4"#7��-52�*�
: j</=3 ` 3?> o�5 /Sj ` > o�YP����"!&�f#&���f���,!7�,0��"#&��!!ZB���r'��J#7�"!&0��*2��"')+MN=#&���f�$���,!&�"��-,<K4��,����#7�,(?�,2�')(*�,+d-5!��*2=#&���f�;!&-?'�%�4"#&�*-52<>%�2;4"#7��-52B�,��Pf�"(*(�����#&���e��(*�,�$#&�*4��a#HN�-,<r'��"0��,2;'Q8�[
�����`<>%�2�4J#7�*-,2 @ j ` 3?> o !&�"��!&�"�&�"23#&�=#&-,#v�,(�4�-50�� �"2��7�G#7�*-,2x#&-|Pf-5!$�,�"!&�=�,�U�|<>%;2�4"#&�*-52x-,<�#7���23%�0)+d��!-,<UPD-5!&����!&���,2�'�#7�;���*!�mI,��!7��A5�x��-5%�!$��8 �����*�4"-501�d��2;�7��#&�*-52�<>%�2;4"#7��-52��*�|���"Nk<>-5!A5�"2���!&��#7��2�A�0�-/I,��0���2M#7�`��2z+ -,#&����-5%�!$�`�,2�'z#7���|23%�0�+ �"!�-�<_PD-5!$�,��!$��8zRy<[4�-50��d��2��&��#7��-52z�*�\ ê�Ä·ÍÚÅ.ÒOç | äá¿�ÁIÁ[½;ÍÙÄ·ÏÙ¾ Öm¾MÏÓÂmÊ]Ým¾MÅ]¾ Ã�¿�ÏÙÍÛÁ�ÜÓä�ßF¾OÌ ¿�ÅdÅ]Â�ÁéÔ=ÍÎÄ�Á@ÍÚÅ]ÝÓÀ]ÍÎÄ_½3ì+¾vÁ�ßO¾ ¾MÅ�¿�Ð;¿�Ã[Á[Íο�Ïo¿mÔ�w�À;Ä_Á[Þ/¾MÅÓÁéÄ_Á[Ã@À;Ì�Á@À]Ã[¾Óä
ÍÚÅ.ß�½;ÍÙÌ�½�]�~2^ �*Þ/¾M¿mÄ[À]Ã@¾MÄ*Á@½]¾�Ã�¿kÁ@¾�Â�Êq¿ÓÔ�w�À;Ä_Á[Þ/¾ ÅoÁMä~¿�ÅKÔ.¿"Å]ÂmÅ�z Ì ÂmÅ~Öm¾ àd¾ Å~Ö~ÍÚÃ@ÂmÅ;ÞG¾MÅoÁMämÍÙÅîß�½]ÍÎÌ�½K] ~<^ �bÞG¾á¿mÄ[À]Ã@¾MÄÁ[½]¾"Ð;Ã[ÂÓì;¿�ì]ÍÙÏÙÍÛÁ�Ü.ÂmÊ?Ê|À]ÏÙÏI¿ÓÔ�w�À;Ä_Á[Þ/¾ ÅoÁMÑ_ ÒOç | Ô=Â$Å]ÂmÁDÍÙÅ;ÌvÏÙÀ;Ô=¾/Ì ¿mÐ]ÍÚÁ@¿�Ï·ÍÙÅ�Á[½;¾ ÍÙÃDÊ|ÂÓÃ[Þ�À]ÏοkÁ[ÍÙÂmÅ�¾MÍÛÁ@½]¾ öÁ@½]ÂmÀ]ÝÓ½�ÍÚÁ�Ì ÂmÀ]ÏÎÔ�ì+¾�ÍÙÞ/Ð]ÏÚÍÎÌvÍÚÁ�ÍÚÅ�Á[½]¾MÍÚöÁ@¿mÃ[ÝÓ¾vÁ¿�Å;Ô'½]¾MÅ;Ìv¾"ÍÙÅ'Á[½]¾MÍÚÃ�ÝÓ¿�Ð�Þ/¾M¿ÓÄ_À;Ã[¾ÓÑSÈ~¾ ¾dÈ~½K¿�Ð]ÍÙÃ[ ~ �{�a`cb&�SÊ|ÂmÃ�¿.Ä_Á[ÀKÔ=Ü$ß�½]ÍÎÌ�½�ÍÚÅKÌvÏÙÀ;Ô=¾MÄ�ìKÂmÁ[½�Ì ¿mÐ]ÍÚÁ@¿�Ï?¿�Å;Ô'Ïο�ì+ÂmÿmÔ�w�ÀKÄ�Á@ÞG¾MÅoÁMÑd È~¾ ¾�Á@½]¾3Ô=ÍÎÄ[Ì À;Ä[Ä[ÍÙÂmÅ'ÍÚÅ�ÒOç ¿�Å;Ô'ê�Ð;ÐK¾MÅ;Ô=ÍÚà�ê§ÂmÊéÒFÂ~ÂmÐ+¾ Ã�¿mÅ;Ô$ð ÍÙÏÙÏÚÍÎÄS~ �f�f�&�&��Ñ
e
��!$-5�d-5!$#&�*-52���(�#7-���-,%�!&�"T��"01��(�-ON5��!$��P��*(*(,�&�*0���(aNE0�-W';��<~N[��-5%�!$�s��2e!&�m��4"#7��-52t#7-_�&�;-W4v�3�r�,2�'=�OI,-5�*'4"-5�$#&(�Ni�,'G.$%;�$#70���2M#��*2]#&����23%�0�+ �"!�-,<CPD-5!$�,��!$��8����?%;��#7���1��(*�,�$#&�*4��a#HNx-,<C#&����4"-501�d��2;�7��#&�*-52<>%�2;4"#7��-52P���#7�B!&�"�&�d��4J#E#7-1��-5%�!$�[��2M#7��!&�,4"#&�_P��a#7�B#7���U4�-5�6#7�_-,<��,'/.$%��$#&�*2�A`Pf-,!&�,�"!&�E#&-1�;!&-?'�%�4��#&���f.$-5�*2M#�!$���&�d-52��$�=-�<���-,%�!&��Pf-,!&�,�"'Z�,2;'��"01��(�-ONW0���2M#�#&-��;!&-,^�#7�,+���(*��#HN��$��-W4v�3�"8
9t%�!��&�d��4"��^�4���#7��-52-,<r#&���e4�-50��d��2��&��#7��-52�<>%�2�4J#7�*-,2B���_�,'�-5�;#&��'<>!&-50 pCq�8�\w�U�,�$�&%�0��
@ j ` 3?> o�5 `������ E � ; >��� e j }Mo��������4�-50�� �"2��7�G#7�*-,2�<>%�2�4"#&�*-52|<>����#7%�!$���[�S4�-52��6#v�,2M#_01�,!&A5��2��,(dPC�,A,�U�"(g�,�6#7��4���#HN1-,<� b ñ 8
\]���$#&%�';N#7�;���d-5(*��4"N�<>%�2;4"#7��-52��[�,2�'Z���,�m�,!$'�<>%�2;4"#7��-52��_<>-5!_�,(�#&��!&2���#7�aI5�U�&�d��4��a^�4m�G#7�*-,2��[-�<�,'/.$%��$#&01�"23#�4"-5�$#&��8�\w�:4v�;-W-5�$�e���,!7��01�J#7��!$�C<>-5!C#7�;�e�,'G.$%��6#70���2M#_4�-5�6#7��P����*4v���,!$�:!&�m���&-52���+�(*���2B(��*A5�M#�-,<r-,#&����!_�$#&%�'��*�"��-5!��"I?�*'��"2�4���8 � �_'����&4�%;�&�&�"'���2��$��4"#&�*-52 } 8 ñ T�PD�=4��,(*��+�!7��#&�t#7���e-,#&����!����!7�,0��"#&��!&��-�<r#&���e';N?2��,0��*4:��!$-5A5!7��010��*2�A���!&-5+;(*��0 �*24�!$�m��#&�*2�AS#&�����$�=�$�*0)%�(*��#7��-52��"8
� �� ���+'��!������������ ����� ,-#���� "$������ V3%��,';!7��#&�*4S�&�d��4"��^�4���#7��-52x�*�t#&���S#7!7��'���#&�*-52���(r0�-W';��(�-,<f�,'G.$%;�$#70���2M#U4�-,�$#7�"8S\���#7�i�,2MN�4"-52WFI,�JXx��'G.$%��$#&01�"2M#:4�-5�6#:�$#&!&%�4J#7%�!$�,T��,'/.$%��$#&01�"23#EP��*(*(�+d�)���,!6#7�*�,(bTK!&�J����4J#7��2�A�#7�����*2�4"!&�m���&��'�4"-5�$#�,�$�&-?4��*��#7�"'P��a#7�!7�����*'�,'/.$%��$#&01�"23#�8������eV?%��,'�!7�G#7�*4:�$� �"4��a^�4m��#&�*-52|�$���,!$����#7��������!&-5�d��!6#HN|�,2;'����01-5!$�t#7!&�,4"#7�,+�(*��T��,���$����2��*20W;�,!$A5��2M#�j ñmlMu,nMo 8
\]�U�$� �"4��a<~N|V3%��,'�!&��#7��4e�,'G.$%��6#70���2M#_4�-5�6#7�[�,�
C j ` 3 ` c ; o65 ��������=! 7 c 7#"%$7 "&$(' = ` c ; ��< `*) ` c ;� "=� 7 c 7 "&$7 "&$(' = ` c ; ��< `*+4` c ;xej e o
�����4�-,�$#7�`-,<[�,'/.$%��$#&01�"23#1�,!$��,�&�$%�0���'z#7-x+d��xV3%���'�!7��#&�*4�<>%�2;4"#7��-52z-,<_#7���|';��� ��!&�"2�4��+d�"#HPD���"2�#&���Z�6#7-?4v��-,<:PD-5!$�,��!$�|�*2�#&����4"%�!&!$��2M#�d��!&��-W' j ` o �,2�'�#&��-5�&��<>!&-50 #7�;�Z��!&�JI?�*-5%���d��!$�*-?'Q8������e^�!&0 ���mNW��#7�;�=��'G.$%��$#&01�"2M#[4"-5�$#�<>-5!�2;�"#mT-,/.10�A,!&-5�$��T�����!&���"8�������#_�*�"T���<�#7�;�e^�!&0����!&�"�f��2;-5%�A5��PD-5!&����!$�C#7-)-,� �&�J#f#&��-5�&�[P���-SV3%���#�T?#&����2�#&����!$�:�,!&�[2�-`�,'G.$%;�$#70���2M#f4�-5�6#7��8�h_��!&�PD�e���mI5�=�,(*(�-/PD��'|#&���eV?%��,'�!7�G#7�*4:�$� �"4��a^�4m��#&�*-52|#&-1+d�e�,�$N?0�01�J#7!$�*4,8
U���A5%�!&� ñ �&��-OP��U#7����� -,(*�*4JN�<>%�2;4"#7��-52��U�,2�']���,���,!&'x<>%�2�4J#7�*-,2i<>-5!U����,!&�,01�J#7�"!&�*����#7��-52��*2P�����4v�32�4 5 2 c 5 �W865����;��!&�1�,!$�)#HPf-B� -,(*�*4JN�<>%;2�4"#&�*-52��:�$��-OP�2w��2x#&���S#7-5�x����2���({�t-52��S<>-5!�`���*A,����!$-,^�#7�,+��*(���#HN��$#v�G#7�=�,2�'�-,2��:<>-5!E�`(*-OP���!&-,^;#v�,+���(*�a#HN��$#7��#7��8C�����=� -5(��*4JN�<>%�2�4J#7��-52��[�,!&�%��MPf�,!&'��&(�-5���*2;AS�*2(g�,A,A5��'|�"01��(�-ONW0���2M#_�,2;' U 7 j2/43 ` c ; o �����*2�4"!&���,�&��2�A`�*2 /�87 ¼,½]ÍÙÄ�Ð;¿�Ã�¿�Þ/¾vÁ@¾ Ã@Í98á¿kÁ@ÍÚÂÓÅ®ÍÎÄ�Ð]À]Ã@¾ ÏÙÜîÊ|ÂÓÃ�ÍÙÏÚÏÙÀ;Ä_Á[Ã�¿kÁ[ÍÙÂmÅ®Á[½;ÂmÀ]ÝÓ½qäK¿ÓÄ,ÂmÀ]Ã�¾áÄ�Á@ÍÚÞ.¿�Á[¾MÄ�ÍÚÅ;Ô]ÍÙÌM¿kÁ[¾Óä;¿/Ök¿�ÏÙÀ]¾3ÂmÊ;:=< �ÍÙÄ,Å;Â�Á�À]Å]Ã@¾M¿ÓÄ_ÂÓÅ;¿�ì;ÏÚ¾ÓÑ
>
U��*A,%�!&� ñ � U 7 j</43 ` c ; o �,2�'0�zj Y o P��a#7���t%��,'�!&��#7��4 � 'G.$%;�$#70���2M#Epf-5�6#7�
300 400 500 600 700 800 900 1000300
400
500
600
700
800
900
1000Employment policy function conditional on productivity shock
e−1
e
high shocklow shock
−0.25 −0.2 −0.15 −0.1 −0.05 0 0.05 0.1 0.15 0.20
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
1Average adjustment rate function and scatterplot
employment gap (z)
empl
oym
ent a
djus
tmen
t rat
e (∆
log(
e)/z
)
�
U�-5!�#7�;�*��0�-W'��"(bT,#&���C<>!&��4"#&�*-52�(����$��#v�,!$A5�"#�T3'���2�-�#7��' ` a j</ o TM����#7�����&-,(*%;#&�*-52)#&-e#&����-5�;#&�*0��*�m�/F#&�*-52`��!$-5+�(*�"0 P����"2(2 5 �t<>-5!��:�&�*2;A5(*���d��!$�*-?'Q8�q�V3%���I��,(���2M#7(aN5T ` a j2/ o �&-,(�I5�"� ` 5 U 7 j2/43 ` o �,2;'#&�?%;�_4"-5!&!$���$� -52;'���#7-)#7�;�:��0���(*-ON?01�"2M#�(*�JI5��( P�����!$�e#&���:��0���(�-/N?0���2M#��d-5(*��4"N`<>%�2�4J#7�*-,2QT;A5�aI5�"2/=T�4�!&-,�&�&�"�_#&��� e >�� (��*2���8
�����`+d-,#&#&-50����,2���(�-,< U��*A5%;!&� ñ 4v���,!7�,4J#7�"!&�*�"���:#7�;�`�,'G.$%��6#70���2M#e!7��#&��<>%�2�4J#7��-52Q8U�����`�,'WF.$%��6#70���2M#!7�G#7�Z���|���&�$��2M#7�*�,(*(aN�����#�<>-5!|��(*([I��,(�%����|-�<U#&������0���(�-/N?0���2M#|AM���QT[�YXW4����W#���2�#7���2��"�*A5�3+d-5!&�;-W-?'1-�<�����!$-�8 ; � RH2�#&���*��!&�"A5�*-52�T?#&���E'����&4"!&�"#&�E2��G#7%�!$�t-,<Q#&���E�$-5(*%;#&�*-52�0��"#7�;-W'�(��*0���#&�#&���e��0���(*-ON?01�"2M#�4v��-5�*4"����-,<s^�!&0���P�����2B#7���JN�,!$�eI,��!6N4�(*-,�&�t#7-S#&������!C#v�,!$A5�"#_(*�JI5�"(b8 ; ;
��� � "$#�� � " #��$, � ��� ����� ,-# � � "$������ (�#7�"!&2��G#7��I,��(aN5T3#7���"!&�:01�ON��YX;���$#�2;-52WFH4"-52MI5�YX4�-5�6#7��-,<s��'G.$%��$#&�*2�A=#7���EPD-5!$�1<>-5!$4��,8�RH2�#&��!$01�C-�<#&!7�,��2��*2�AU2��JP�PD-5!&����!$��T���#f�*�D4���!6#v�,��2�(�N�!$�m�,�$-52��,+�(��[#&����#C#&���*�D��!&-?4��"�&��0��*A5�M#D��2M#v�,��( ��2�4�!$�m�,�$�*2�A!$�"#7%;!&2��:#7-|�$4m�,(��,�t#&���S!&�"�&-5%�!$4��"�='��JI5-,#&��'i#7-��#7!&�,�*2���2�A�4"(g�,�$�:0��mNZ+d�S(g��!&A5�"(�NB�*2�';���d��2�'��"2M#-,<r#7���U�&�����U-,<�#&����#[4�(*�,�&�"8 U�%�!$#&����!"TK#&���U4�-5�6#7�_-,<�!&�"4�!$%���#&�*2�A��,2�'��*2M#7�"!$I?�*�JP��*2�A�01�ON�(*-5A5��4m�,(�(�N���mI,�:�=^;XW��'4"-5�$#f4�-50�� -,2���2M#����fPf�"(*({8 � �D'��*�$4�%��$�&��'��2|hE�,0���!$01�"�&�|��2�'���<c�,2�2xj ñOl5l �5o �,2;'%�2;'���!$�$#7-?-?'1+MN`0�-5�$#��"4�-52�-,01���$#7�"T5#7���[�,2�23%���(�!&��4"!&%��a#7��2�A:-,<Q2;�"Pk���&�&���$#7�,2M#D�;!&-,<>�"�&�&-,!&����2M#v�,��(*����$�*�"�m�,+�(��[^;XW�"'B4"-5�$#C�$#7�"010��*2;A�<>!&-50L�,'WI5��!6#7���&�*2;A�T;�"2�'�(*�"�&�C';�����,!6#70���2M#�0����J#7�*2;A5��TW�JXW� �"2��&�"�-,<���#$#7��2;'��*2�AS#&���e4�-52MI5�"2M#7�*-,2QTK�"#74�8
q�01�;�*!&��4m�,(�(�N,T5pCq�hk�$#&!&���$�D%;�3Pf�,!$'1�$(*-5����2�A:���,���,!&';�D��2�'�jc�&�"��#7���"�*!SU���A5%�!&� ñ +WF ñ ' o �:01-?'��-,<r���"!&-��,'G.$%��6#70���2M#t����PD��(�(��,�_-52��e-,<�<>%;(*(��,'/.$%��$#&01�"23#�8f�����"�&�U#HNW�d���_-,<�-5+��&�"!$I���#&�*-52���4"-5%�(*'!$�"���"4"#�2�-,2WFH4"-52MI5�JXW�a#7�*�"���*2�#&���:�,'/.$%��$#&01�"23#C��!&-?4��"�&��-,<�#&���E<>-5!$0L��2M#7!&-?'�%�4"��'|���"!&��8����3%��"T�Pf��,';'|�=^;XW��'|4"-5�$#� #&-)4m���;#7%�!$�E#7�;���&�E�"� ��4"#&��8��s-)0��G#74v��#&���E-5+;�&��!6I���#7��-52�-,<��"��!&-�4v���,2�A5�"�C�*2#&���t23%�0)+d��!D-,<�Pf-,!&�,�"!&����#D#7���E��(g�,2M#6FH(*�JI5�"(bT3Pf�:���&�&%;01�E#&����#D#7�����D^;XW��'|4"-5�$#C�*�f+d-5!$2��[<>-5!D2��"#�,'/.$%��$#&01�"23#&���*2|#7���:PD-5!&�1<>-5!&4"�,8
���3%���Pf�U4�-52;�&�*';��!_�S';N?2��,0��*4:��!$-5A5!7��010��*2�A���!&-5+;(*��0 �*2|P�����4v�
1�j2/=3 ` c ; o�5 01�GX���1���j</=3 ` c ; o 3?1��_j</=3 ` c ; o�� j >5oP����"!&� 1 � j</=3 ` c ; o !&���;!&���$��2M#7�t#&���=I��,(�%��U-,<��,'G.$%��6#7��2�A��"01��(�-ONW0���2M#E�,2�' 1 � j</=3 ` c ; o !&���;!&�JFu�� ¼,½]¾�¿mÔxw�À;Ä�Á@Þ/¾ ÅoÁ$Ã�¿kÁ[¾'Ê|À]ÅKÌ�Á[ÍÙÂmÅIä�ÍÚÏÙÏÚÀKÄ�Á@Ã@¿�Á[¾MÔ¤ì~Ü�Á@½]¾�Ä[ÂmÏÙÍÙÔ¤ÏÙÍÚÅ;¾�ÍÚŤÁ@½]¾�ì+Â�Á_Á@ÂmÞ Ð;¿�Å;¾ Ï�äOÍÎÄîÌ ÂmÅ;Ä_Á[Ã@À;Ì�Á@¾MÔì~Ü�Ô=ÍÙÖoÍÎÔ=ÍÙÅ]Ý'Á[½]¾/¾MÞGÐ;ÏÚÂkÜ~Þ/¾ ÅoÁ"ÝÓ¿mÐÔ=ÍÎÄ_Á[Ã@ÍÚì]À]Á[ÍÙÂmÅÍÚÅoÁ[Â�Ä[Þ.¿�ÏÙÏéÍÚÅoÁ[¾MÃ[Ök¿mÏÙÄ�¿�ÅKÔ�Á@½]¾ Å2ÌvÂÓÅ]Å]¾áÌ�Á[ÍÙÅ]Ý�¿�Öm¾MÃ@¿mÝm¾3Ök¿mÏÚÀ]¾áÄÊ|Ã[ÂÓÞ ¾á¿mÌ�½�ÍÙÅoÁ[¾MÃ[Ök¿�Ï�Ñ�¼,½]¾�¾và]Ìv¾MÐ=Á[ÍÙÂmÅ�ÍÎÄ�Á[½;¿�Á¶ÍÙÅ�Á[½;¾dÅ]¾MÍÚÝÓ½oì+ÂmÃ@½]Â~Â=Ô�Â�ÊS¿mÅ�¾ Þ/Ð]ÏÙÂkÜoÞ/¾MÅÓÁ¶ÝÓ¿mÐ�Â�Ê 8 ¾MÃ[ÂKä]Á@½]¾dâ+¿kÁ¿mÔ�w�ÀKÄ�Á@ÞG¾MÅoÁ.Ê|À]Å;Ì�Á@ÍÚÂÓÅ ÏÚÍÙÅ]¾�Ã@¾ Ð]Ã@¾MÄ[¾ ÅoÁ�ÄGÁ[½]¾�¿�ÖÓ¾ Ã�¿�Ým¾'¿mÔ�w�ÀKÄ�Á@ÞG¾MÅoÁ$Ã@¿�Á[¾áÄGÊ|ÂmÃ.ÂmìKÄ_¾MÃ[Ök¿kÁ@ÍÚÂÓÅ;Ä/ß�½]¾MÃ[¾'Á[½;¾�ÝÓ¿mÐCÍÎÄìK¾ Á�ßF¾M¾ Å zd�;Ñ �m���/¿�Å;ÔQ�]Ñ �����;Ñu%u ê�ÄG¿�Ã[ÂÓì]À;Ä_Á[Å]¾áÄ[ÄdÌ�½]¾MÌ�ÆXÂ�Ê,Á[½]¾®¾MÄ_Á[ÍÙÞ.¿kÁ[ÍÙÂmÅ2Ã@¾MÄ[À]ÏÚÁ@ÄMä*ßF¾$Ô]ÂmÀ]ì]ÏÙ¾.Á@½]¾$Å~À]Þ�ìK¾MÃdÂ�Ê�Ð+ÂmÍÙÅoÁ@Ä3ÍÙÅ2Á@½]¾îÃ@¾ ÏÙ¾ Ök¿�ÅoÁÃ[¾MÝmÍÙÂmÅGÂ�ÊqÄ_Á@¿kÁ@¾�Ä_ÐK¿mÌv¾,Á@Â"¾ Å;Ä[À]Ã@¾,Á[½;¿�ÁbÁ[½;¾�Ô=ÍÎÄ[Ì Ã[¾ Á[¾�Å;¿�Á[À]Ã@¾�Â�Ê+Á[½;¾�Ä_ÂÓÏÚÀ]Á[ÍÙÂmÅ/Þ/¾vÁ[½;Â~Ô/ÍÎÄbÅ;Â�Ábì]ÍοmÄ[ÍÚÅ;Ý�Á[½]¾�Ã@¾MÄ[À]ÏÚÁ@ÄMÑ
u
�$��2M#7��#7���:I��,(�%��:-,<r2�-,#[�,'G.$%��6#7��2�A`��0���(*-ON?01�"2M#m8������"�&�=�,!&�:A5�aI5�"2�+MN
1 � j2/43 ` c ; o 5 01�GX9 8 7 : j</=3 ` 3?> o b @ j ` 3?> o b�C j ` 3 ` c ; o EHG-I JMLON J 11j</ P 3 ` o j �Mo1 � j2/43 ` c ; o 5 01�GX9 : j</=3 ` c ; 3?> o bA@ j ` c ; 3?> o EHG-I�J L N J 1�j2/ P 3 ` c ; o e j u5o
S_-,#7�C#&����#�2�-52?F �,'G.$%;�$#70���2M#���01��(��*�"�s#&����#�#7�;�C^�!&0��;�*!&�"����2;-5%�A5�`Pf-,!&�,�"!&��#7-:-,� �&�J#�V?%;��#7�"8lU�-5!#&���*��4��,�&��TK#&���e4�-5�6#_-,<���'G.$%��$#&01�"2M#_<>%;2�4"#&�*-52�*�
C j ` 3 ` c ; oT5 ����
� *4 ��< `*)�` c ; c ��< `���` c ;� ��< ` 5 ` c ;�e
j nMo
U���A5%�!&�E�=�$��-OP��C#7���t�d-5(��*4"NS�,2�'|���,���,!&'1<>%�2�4"#&�*-52;�D<>-5!�#7�����f�&�d��4"��^�4���#7��-521P��;��!&�t#&���[^WX;�"'4"-5�$#:���E�$�"#U��# ñ�� -�<f�mI,��!7��A5�S��!&-�^�#7�"8 ; =]�����S� -,(*�*4JN|<>%�2�4J#7�*-,2��t�*2;'��*4���#7�U#7����#[#7���"!&�`�,!$��#HPD-!$��A5��-52������,4"#&�*-521�,2�'1�*2���4"#7��-52Q8s�����E��2��,4J#7�*-,2�!$��A5��-52��*�D�,21��2M#7��!6I��,(K-,<Q(*�,A5A5�"'1�"01��(�-ONW0���2M#��*2P�����4v� U 7 j</=3 ` c ; o65 ` c ; 8rRH2`#&���*�r!&�"A5�*-52�T,#7������'G.$%��$#&01�"2M#�-,<K#7���f(g�,+d-5!���2���%;#r#7-tI��,!$�g��#&�*-52��s�*2#&���=�6#v��#&�=I,��4"#&-5!t��!&�*�$�:#7��!$-5%�A5� U 9 j</=3 ` c ; o 8�h[-5%�!$�_P���(*(�'��"4�!$�m�,�$��P���#&��(*�,A5A5�"'��"01��(�-ONW0���2M#�,2;'B��2�4�!$�m�,�$�UP��a#7�|#7�;�U�;!&-,^�#7�,+���(*��#HN��$��-W4v�K8
� �[�*2�';�*4m�G#7��'B�*2#7�;�=^�A5%;!&�,Td��<r#7���"!&�U�*�[�,'G.$%��6#70���2M#mTK#7�;��(*�JI5�"(s-�<���0���(*-ON?0���2M#_4v��-5�&�"2��*���2�'����d��2;'���2M#S-,<�(*�,A5A5�"'w�"01��(�-ONW0���2M#�8�RH2@<c�,4J#mT�<>-5!U#7������0�-W';��(bTsP�����2���'G.$%��$#&01�"2M#S-W4"4�%�!$��T#&����<>!$�*4"#&�*-52;(*���$�S#v�,!$A5�"#1�*�14v��-5�&�"2Q� ` 5 U 7 j2/43 ` c ; o05 ` a j</ o 8 ; T ���;��<>!&��4"#7��-52�(����&�`(��"I5�"([-�<�"01��(�-ONW0���2M#�(��*���f�*2|#7���e��23#&��!6I,��(Q-,<���2��,4J#7�*-,2Q8
S[-�#7�t#7����#�#7���"!&�:�����S#HN?�d�:-,<r-/I,��!$�&��-?-,#7��2�A`�*2�#&���*�C0�-?'���({8 � #�#7���e(��"I5�"(Q-,< ` c ; �*2�P�����4v�#&���f��(*�,2M#s�*�s�*2�'��a���"!&�"23#r+d�"#HPD����2��,'/.$%��$#&01�"23#��,2�'=2�-52WFH�,'G.$%��6#70���2M#mTG#7���D(*�"I,��(?-,<��"01��(�-ONW0���2M#4v��-,�&��2�T?�a<K#7������(*�,2M#��,'G.$%;�$#7�"T3�JXW4��"��'�� ` c ; 8���������0����,������2M#7%��a#7��I,�C�&�"2��&������<K#&������(g��23#��*��A5-,�*2�A#&-|+ ���,!E#7�;�)^;XW��'i�,'G.$%��6#70���2M#e4�-,�$#mTQ#&���)01�,A52��a#7%�';��-,<D�,'G.$%;�$#70���2M#e0)%;�$#:+d�S(g�,!$A5���"2�-5%�A,�#&-�4"!&����#7�U�`��!&-,^;#�AM�,�*2|�$%���4�����2M#[#&-`-,���$�"#�#7�;�U4"-5�$#�8
������+ -�#-,0 ���,2;��(�-,< U��*A5%;!&���|�&��-OP��=#&���`!&�"(g��#&�*-52��$���*��+d�"#HPD���"2w#7�;�1��'G.$%��$#&01�"2M#�!&��#7��,2;'�#&���AM�,�Q8�h_��!$�BPD��&���#7�;��!&����S�&%�+��6#v�,2M#&�g�,(���2��,4"#&�*-52�jc�,����!$-mX;��0��G#7��(aN l,}��`o <>-5! Y�� b � e � n 3v� e � n�� 8������x��'G.$%��$#&01�"2M#����,���,!&'k���1�"�&�$��2M#7�*�,(*(aN��]-5! ñ �,� � 8 ; g RH2�4"-52M#7!7���$#�#&-w#7����,'/.$%��$#&01�"23#=���,���,!&';�=!$���d-5!$#&��'w��2�U��*A5%;!&��� ñ +?F ñ 'i-,<�pCq�hUT�#&����!$�����U2;-�����!$#7�*�,(��,'/.$%��$#&01�"23#<>-5!C#&���*��4��,�&��8uny ¼,½]Ã[ÂÓÀ]Ým½;ÂmÀ=ÁDÁ[½]¾/¿�Å;¿mÏÚÜ=Ä[ÍÙÄMä+Á[½]¾�Ë]à=¾MÔXÌvÂoÄ�Á�ÄD¿mÃ[¾GÄ_¾ Á¶ÍÙÅXÐ;Ã[ÂÓÐKÂÓÃ_Á@ÍÚÂÓÅ�Á[Â�¿�Öm¾ Ã�¿�ÝÓ¾"Ð]Ã@Â�Ë]Á�Ä Ñ3¼,½]ÍÎÄDÍÙĶß�ÍÚÁ[½]ÂÓÀ=ÁÏÚÂoÄ[Ä,ÂmÊ?ÝÓ¾ Å]¾MÃ@¿mÏÚÍÚÁ�Ü.ì]À=Á�ÝÓÍÚÖÓ¾MÄOÁ[½;¾MÄ[¾�Ì ÂÓÄ_Á@Ä,¾áÌvÂmÅ;ÂmÞ/ÍÙÌ�Ì ÂmÅoÁ[¾ àoÁ�¿mÅ;Ô�¿�ÏÙÏÚÂkß�ÄOÀ;ÄOÁ@Âî¿mÄ@Ä_¾áÄ[ÄFÁ[½;¾ ÍÙÃ�Þ/¿mÝmÅ]ÍÚÁ[ÀKÔ=¾mÑun} É]ÂmÃ�Á[½]ÍÎÄ�Þ/Â=Ô=¾ Ï�ä�Á[½;¾2Ê|Ã[ÍÎÌ�Á@ÍÚÂÓÅ]ÏÙ¾MÄ@Ä'Á@¿�Ã@Ým¾ Á�ÍÙÄ�Á[½]¾ªÄ[ÂmÏÙÀ=Á@ÍÚÂÓÅ Á@Â�Á[½]¾2ÂÓÐ=Á[ÍÙÞ/Í98á¿kÁ@ÍÚÂÓÅ¡Ð;Ã[ÂÓì]ÏÚ¾MÞ�À]ÅKÔ=¾ Ã@ÏÚÜ~ÍÙÅ]Ý
�� ~� �� ��� u ��Ñu � ¼,½]¾ Ã@¾�¿�Ã@¾�Ä[ÂmÞ/¾�Ök¿�ÏÙÀ]¾MÄSÂ�Ê��3ß�½;¾ Ã@¾�Á[½]¾D¿mÔ�w�À;Ä_Á[Þ/¾MÅÓÁOÃ@¿�Á[¾�ÍÎÄbì+¾vÁ�ßO¾ ¾MÅ �3¿�ÅKÔ��{�f���$Ñ·¼,½]ÍÎÄbÃ@¾vâK¾MÌ�Á�ÄéÁ@½]¾�Ê�¿ÓÌ�ÁÁ[½;¿�Á��/ÍÙÄ,Å;Â�Á�voÀ]ÍÚÁ[¾3¿/Ä_À��.Ì ÍÚ¾MÅoÁ�Ä_Á@¿�Á[ÍÎÄ�Á@ÍÙ̶Ê|ÂÓÃ,Á[½]¾"Ð;ÏÙ¿mÅÓÁ�� Ä,Ð+ÂmÏÙÍÎÌvÜîÊ|À;Å;Ì�Á@ÍÚÂÓÅqÑ
n
U��*A5%;!&�U�W� U 7 j2/43 ` c ; o ��2�' �@j Y o P��a#7�0S[-52WFy4�-52MI,�JX � '/.$%��$#&01�"23#Epf-5�6#7�
300 400 500 600 700 800 900 1000300
400
500
600
700
800
900
1000Employment policy function conditional on productivity shock
e−1
e
high shocklow shock
−0.25 −0.2 −0.15 −0.1 −0.05 0 0.05 0.1 0.15 0.2 0.250
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
1Average adjustment rate function and scatterplot
employment gap (z)
empl
oym
ent a
djus
tmen
t rat
e (∆
log(
e)/z
)
l
U�-5!C#7�;�:2�-52WFy4�-52MI5�YX��,'G.$%��6#70���2M#�4�-5�6#_01-?'���({TW#&����!$�U�����S01-5!$�:2���#&%�!7�,(�'��"^�2;��#7��-52|-,<s#7���AM����#&���,2�#7���B-52��B�&�d��4"��^��"'��,+d-OI5�,8��r-]�&���#7�;�*��TD�&%��;� -5�$� 4 5 c 5 �,2�'��,�&�$%�01�#&����# ���e�,2x�b8 �b8 'Q8U!7�,2�';-50�I��,!$�g�,+�(���P���#&�x�|4�';<DA5��I,��2x+MN��1j o 8 � �:�*2��_%;�$#1j ñml5nMu5o T�#7�����!$-5+��,+;�*(*�a#HN�-,<���'G.$%��$#&01�"2M#[����A5��I,��2+MN
��j 1 � j2/43 ` c ; o b 1 � j2/43 ` c ; o$o�$-�#7����#t�,'G.$%��6#70���2M#:-?4�4"%�!&�t�a�]#&���)AM���*2��_#7-|�,'/.$%��$#&01�"23#t�JXW4��"��'x#7���)!$�m�,(��*�"��'Z4"-5�$# `8 ; jDWW-j 1 � j /43 ` c ; o b 1 � j2/43 ` c ; o ���C#7���e2��G#7%�!&�,(Q0��m�,�$%�!&�e-,<s#7���eAM���B<>-5!C#&���*���;!&-5+�(���0B8
9E<�4"-5%�!$�&�,TM#&���*��A5�,�`'����d��2�';��-,2`#&�����$#7��#7�CI,��4"#&-5![j</=3 ` c ; o 8�Ry#��*��2��G#7%�!&�,(;#7-e���&�)��-OP�Pf�"(*(#&���`�,4"#&%��,(�A5�,�x%��&��2�A�#7���)<>!$�*4J#7�*-,2�(*�"�&�E#7�,!&A5�J#:!&�"(g��#&���t#&-#&���*�E'���� ��!$��2�4"����2ZI��,(*%��"��8XUK-,!E#7���0�-W';��(��&�d��4"��^��"'��$-=#7����#�#7����^;XW��'14�-5�6#7�C��!&� ñ�� -,<Q�OI,��!&�,A5�_��!&-,^;#7��T3#7�;�[4"-5!&!$��(g�G#7�*-,2�+d�"#HPD���"2#&�����$�UI��,!$�g�,+�(����C�����;8 lMu 8 ;<�����3%���TK��2#&���*��4��,�&��T�#7���U�,4J#7%��,(�AM�,��*�_�)I5�"!$NA5-?-W'|�;!&-mX?N|<>-5!C#7���AM���#&����#_�,4J#7%���(*(�N�'��"#&��!$01��2����C#&���e(*�*����(��*��-?-W'�-,<���'G.$%��$#&01�"2M#m8
��� %A��,F� ,�� ��� ,��� # ,F��'� "=�+,-*9t2��=-,<�#7�;���*0��d-5!$#7�,2M#_<>����#7%;!&���[-,<�2�-,2WFH4"-52MI5�JX��,'G.$%��6#70���2M#t4"-5�$#&�t�*��#7����#[#&���"N��*0���(aN|�*2���4JF#&��I?��#HN��2��"01��(�-ONW0���2M#E�,'G.$%��6#70���2M#EP��;��2Z#7�;��AM�,��2���#7-�4v���,2�A5��2�A1#&����23%�0)+d��![-,<�PD-5!&����!$�t�*��$0��,(�(b8s�����*�D�*��!&�"(*�"I��,2M#f�&�*2;4��t�G#f#7�;�E��(*�,2M#$FH(��"I,��(�#7���"!&�t���D��2�'��"��'��JIW��'���2;4��:-,<���2��,4J#7�*-,2Q8�h_��!&�PD�e4�-52��$�*'��"!����*�"4��"P����&�U(*��2��m�,!C�,'G.$%��6#70���2M#_4�-5�6#7��P����*4v�B4m��2��,(��&-`��!$-W'�%;4��e�*2���4"#7��-52Q8
�����U4�-5�6#_-,<���'G.$%��$#&01�"2M#_<>%;2�4"#&�*-52�*�"�
C j ` 3 ` c ; o�5�� 4 t ` ��< ` ) ` c ;
b c t ` ��< ` +4` c ;fej lMo
U�-5!�#7���D��%�!&�d-5�$����-,<����$#&�*01��#7��-52QT/#7�����r�$� �"4��a^�4m��#&�*-52=�$#&!&�*�������_%��&�J<>%�(;4"-50���!&-50��*�$�D+d�"#HPD���"2#&����V3%��,'�!&��#7��4��,2;'@^;XW��'�4�-5�6#S0�-W'��"(*�"8Z������!$�|�*���Z+��,�&���=<>-5!=�*2���4"#7��-52@'�%;��#7-�#&����(*�,4v�]-�<'��a���"!&�"23#&�g�,+;�*(*�a#HNw��2z#7���B2�����A5�3+ -,!&��-?-W'�-,<E����!$-@�,'/.$%��$#&01�"23#�8 WW01�,(�(��,'G.$%��6#70���2M#7��P��*(�(C2�-,#-?4�4"%�!�&�*2;4��x#7���i0���!&A5��2��,(E4"-5�$#�-,<)�,'G.$%��6#70���2M#B'�-W�"��2;-,#BA5-�#&-��"��!$-��,�|#7�;�]�$�*���x-,<=#7����,'/.$%��$#&01�"23#�A5-?����#7-U���"!&-�8 � ���*2`#7����V3%��,'�!&��#7��4_�,'G.$%��6#70���2M#f4��,�&��T?#&����!$�[�����U4"-5�$#D� �"!�Pf-5!$�,�"!�d��!$���,���:!$�"���"4"#7��2�A��!&-?4��"�&�$�*2�A<>���"�t<>-5!e�,����(��*4���#7��-52��[�,2�'x�&-|<>-5!6#7�Q8��f%;#mT�#&���*�t�$� �"4��a^�4m��#&�*-52-,<s��'G.$%��$#&01�"2M#C4�-,�$#7����01�;(*�*�"��#7���G#C#7���"!&�t���D2;-S���,!$#&�g�,(d�,'/.$%��$#&01�"23#�8TWW�*2;4��[#&���t01�,!&A,�*2��,(�4"-5�$#-,<r4v���,2;A5�*2�A`�"01��(�-ONW0���2M#�����4�-52��6#v�,2M#�TK#&����!$�e�*��2�-�+��,�$�*�C<>-5!��$01-?-,#7�;�*2�A`�,'/.$%��$#&01�"23#�8un� � Ê?Á@½]¾3¿mÔ�w�ÀKÄ�Á@ÞG¾MÅoÁDÌvÂoÄ�Á�Ä�¿�Ã@¾DÅ]ÂmÁ�ÍÚÍÎÔ1ä=Á@½]¾ Å'Á@½]¾3Ök¿�ÏÙÀ]¾¶Ê|À]Å;ÌvÁ[ÍÙÂmÅ;Ä�Å;¾ ¾MÔ®Á@Â.ìK¾"Ã@¾MÌ ÂmÞ/Ð]À=Á@¾MÔ'¿mÔ]Ô=ÍÙÅ]Ý��¥¿mÄ�¿Ä�Á�¿kÁ@¾¶Ök¿mÃ[Íο�ì]ÏÙ¾mä~Á@½]ÂmÀ;Ým½®Á[½]¾"Ð+ÂmÍÙÅoÁ�Â�Ê·¿ÓÔ�w�À;Ä_Á[Þ/¾ ÅoÁDÔ]¾ Ð+¾ Å;Ô=ÍÙÅ]Ý/ÂmÅ'Á@½]¾"ÝÓ¿mЮÃ@¾ Þ.¿�ÍÙÅ;ÄMÑu2\ ¼,½]ÍÙÄ�ÍÙÄOÁ@½]¾3ÌvÂÓÃ[Ã@¾ ÏοkÁ@ÍÚÂÓÅ$ì+¾vÁ�ßO¾ ¾ Å®Á[½;¾3Ô=Í���¾ Ã@¾ ÅKÌv¾MÄ�ÍÚÅ�Ök¿�ÏÙÀ]¾MÄ�¿mÅ;Ô$Á[½]¾3¿mì;Ä_ÂÓÏÚÀ]Á[¾�Ök¿�ÏÙÀ]¾"Â�Ê?Á[½]¾"Ýo¿�ÐqÑ
ñ �
�����B-5�;#&�*01�,(D�d-5(��*4"N]!&%;(*�����,!$�|'��"#&��!$01��2���'�+MNz�&-5(aI?�*2�A�jb� o %��&��2�A�#7�����S�&�d��4��a^�4m�G#7�*-,2�-�<C j ` 3 ` c ; o 8x�����|-5�;#&�*01�,(�� -,(*�*4JNi�*�)4v����!7�,4J#7��!$�*�"��'�+MNw#HPD-�+ -5%;2�'��,!$�*���"� ` c j2/ o ��2�' ` 4�j</ o 8Ry< ` c ; � � ` c j</ o 3 ` 4�j2/ o�� 3�#7���"2]#&����!$���*�e2�-��,'G.$%��6#70���2M#m8|RH2i#7�����"I,��2M#S-,<C�,'G.$%��6#70���2M#mTs#7���-5�W#7�*01�,( �,'G.$%��6#70���2M#_�*��#7- ` c j2/ o ��< ` c ; ��` c j2/ o �,2�'#7- ` 4�j2/ o ��< ` c ; ) ` 4�j</ o 8
\]�=4��,2��6#7%�';N|#&���U-5�;#7��0���(Q� -,(*�*4JN�<>%�2;4"#7��-52<>-5!�#7������#HN?�d�=-�<��,'G.$%;�$#70���2M#[4�-5�6#m8 � �&�$%�01�#&����# 4 5 c 5 � e e P�����4v�i�;!&-?'�%�4��"�:�*2���4"#7��-52���#E#7���S��(*�,2M#:(*�JI5�"(��*2 l5} � -,<�#7�;�S-5+��&�"!$I��GF#&�*-52��"8 ; Xk�����"2�jb� o �,(�-52�A|P���#&��j lMo 4m�,2]+ ���&-5(aI5�"'w%��$�*2�ABI,��(*%��S<>%�2�4J#7��-52]�a#7�"!7��#&�*-52i�,2�'i#7���!$���&%;(�#7��2�AS�d-5(*��4"N�<>%;2�4"#&�*-52����JI��,(*%��G#7��'�8
�����t�d-5(��*4"N�<>%�2�4"#&�*-52;�C�,!$�E�&�;-/P�2|��2 U���A5%�!$� } <>-5!�#HPD-)I��,(*%;���f-�<Q#7���[��!&-�^�#v�,+;�*(*�a#HNS�&�;-W4v�3��8�����"!&�:���f2�-`�,'/.$%��$#&01�"23#f<>-5!DI��,(�%����C-�< ` c ; �*2|�,2|��2M#7��!6I��,(b�s#7���t�"01�;(*-ON?01�"23#C� -5(��*4JNS<>%�2�4"#&�*-524"-5�*2�4"�*'��"�tP���#&�Z#7��� e > � (*�*2;�,8S9t%;#&�&��'��S-,<�#7����#t�*2M#7�"!&2��,(r#7���"!&���,!&�)#HPD-#v�,!$A5�"#&��� ` c j2/ o �,2;'` 4�j2/ o 8�RH2i4�-52M#7!&�,�$#U#7-#7�;�12�-,2WFH4"-52MI5�JX]4��,�&��Tr#7�;��!&���*�e2�-B-OI5�"!&�&�;-W-,#&�*2�A�����!$�,85UK%;!$#7�;��!�Ts�*24"-52M#7!7���$#�#7-S#7�;�UV3%���'�!7��#&�*4e�,'/.$%��$#&01�"23#_4"-5�$#[4m�,�$�,T�#&����!$�U����2�-����,!$#&�g�,(��,'G.$%��6#70���2M#m8
�����`+d-,#&#&-50 ����2���(�-�< U���A5%�!$� } �&��-OP��:#7�����,'/.$%��$#&01�"23#e!&��#7�`���e�|<>%;2�4"#&�*-52x-,<�#7�;��A5�,�Q8����4��,(*(�#7����#�#&����#v��!&A5�J#�����'��J^�2���'�����(*�JI5�"(E-,<e�"01��(�-ONW0���2M#�#7���G#�PD-5%�(*'�+ ��4v��-5�&�"2���<e�,(�(�,'/.$%��$#&01�"23#_4"-5�$#&��PD��!$�=!$��0�-OI5��'<>-5!��S�&��2�A5(��t� �"!&��-W'Q8SU�-5!D#7���e������4��JP��*�$�U(��*2����,!��,'/.$%��$#&01�"23#4"-5�$#U0�-W'��"(bT�#&���S#v�,!$A5�"#e���:'��"#&��!$01��2���'i+MN��&-5(aI?�*2�Aij{� o P�����!$�`#&�����,'G.$%��6#70���2M#U4�-5�6#e<>-5!t#7���4"%�!&!$��2M#�� �"!&��-W')�����"��!&-;TM+�%;#��YX;�d��4J#v��#&�*-52;���,!&�D#v�,����2`-OI5��!��EI��,(�%��D<>%;2�4"#&�*-52�#&����#���2�4�-,!&�d-5!7��#&���<>%;#&%�!&�U�,'/.$%��$#&01�"23#_4"-5�$#&��8
RH2�#7�;�*�1^�A5%�!&��T�#7���"!&�Z�����,AM���*2��]�&�*�"�m�,+;(*����2��,4J#7�*-,2�!&�"A5�*-,2Q8�RH2�4"-52M#7!&�,�$#�#&- U���A5%�!&�Z�WT��-OPD�"I,��!�T�#&���S!&�"A5�*-52��*2ZP�����4v�x�,'G.$%��6#70���2M#e-W4"4�%�!$�:�*�[4v���,!7��4"#7�"!&������'x+MNx�,2�%;�3Pf�,!$'i�$(*-5�;�*2�A�����m�,!$'<>%;2�4"#&�*-52Q8����;�*��<>�m��#&%�!&�e�����&�*0��*(*�,!�#7-S#7���U�,'/.$%��$#&01�"23#_!&��#7�:<>%�2�4J#7��-52�*2�U��*A,%�!&� ñ �`-�<pCq�h=T�P��;�*4v�PC�,�_���6#7��0���#&��'|<>!&-,0 ��(*�,2M#$FH(��"I,��(Q01�,23%;<c�,4J#7%�!$�*2�A`'���#7�;8
�����=%��MPC�,!$'��$(*-5����2�A`2���#&%�!&�U-,<�#&���=�,'G.$%��6#70���2M#E!&��#7�e<>%�2�4J#7��-52QT���-OPD�"I5�"!�T �*����!&��0���!&�*(aN��!$���&%;(�#[-,<�%��$�*2�A��`#7�,!&A,�"#['��"^�2;��#7��-52#7����#[�*����!&!&�"(*�JI,��23#�<>-5!�^�!$01��<c�,4"�*2�A`#7�����[���,!$#&�*4�%;(g�,!C<>-5!$0-,<���'G.$%��$#&01�"2M#e4�-5�6#7��8e\���#&�����*�"4��JP��*�&�S(��*2����,![�,'G.$%��6#70���2M#e4�-5�6#7�"TQ#7���)-,2�(�N�4���!&4�%;01�6#v�,2�4"�)�*2P�����4v���1^�!$0 PD-5%�(�'Z�"I,��!t4v�;-W-5�$��#7�;�=#v��!&A5�J#t(*�JI5�"(��*�_��<�#7����^�!&0 ��2M#7�"!&�"'x#&�����d��!$�*-?'Z��#[#7���#7�,!&A5�J#�(*�JI5��({8���"#7%;!&2���2�A:#7-:#7����#7-,�����,2���(�-�<)U���A5%�!$� } T5#7����#7�,!&A5�J#�(*�"I,��(�PD-5%�(�'1(��*�C�$-501�JP�����!$�[+d�"#HPD���"2#&���S#HPf-��,'G.$%��6#70���2M#�+d-5%�2;'��,!&�����e'��J^�2���'w�m�,!$(*�*�"!�8`Ry<���'G.$%��$#&01�"2M#�-?4�4"%�!&�"Ts#&����^�!&0 �,'G.$%;�$#7�'���!&�"4"#7(aN1#&-)#7���:!$��(��"I��,2M#�+d-5%�2�'���!$N�#&��!&�"�&��-,(*'Q8�RH2|#7����#��&�"2��&��T�#7���e�,'/.$%��$#&01�"23#�!&��#7�E�*� ñ �,� �
�#7���"!&�����E2�-1���,!6#7�g��(��,'G.$%��6#70���2M#m8 � �E��!&�"�&%�(a#mTK^�!&0��[��2�#&�����YXW#&!&�"01�"�t-,<�#&�����"01��(�-ONW0���2M#
'����$#&!&�*+;%;#7��-52�,���d�m�,!C#&-1+d�U�,'G.$%��6#7��2�A���#����*A,����!�!7�G#7������2#&���e+ -�#-,0 ���,2;��(��&��01��(aN�+d��4��,%��$�#&���"N�!&�"V?%;�*!&�=(g�,!$A5��![�,'G.$%;�$#70���2M#[#7-�!$�m�,4v�Z#&����!$��(*�JI��,2M#t+d-5%�2�'���!$N58[RH2Z#7�����,'G.$%��6#70���2M#:!&��#7�u _ ¼,½]ÍÙÄ�ÍÚÅ;¿ÓÌ�Á@ÍÚÂÓÅ®Ã�¿kÁ@¾¶ÍÎÄOÁ[Â~Â.½]ÍÙÝm½'Ã@¾ ÏοkÁ[ÍÙÖm¾¶Á@ÂGÂÓì;Ä[¾ Ã@Ö�¿�Á[ÍÙÂmÅ
�Á@½]¾"Ð;¿�Ã�¿�Þ/¾ Á[¾ Ã@Í 8M¿kÁ@ÍÚÂÓÅîÍÎÄ,Ê|ÂmÃ�ÍÙÏÚÏÙÀ;Ä_Á[Ã�¿kÁ@ÍÚÂÓÅ®ÂÓÅ]ÏÚÜÓÑ
ñ�ñ
U��*A,%�!&� } � U 7 j</43 ` c ; o �,2�'0�zj Y o P��a#7� ���*��4"�"P����&� .��*2����,! � 'G.$%;�$#70���2M#Epf-5�6#7�
300 400 500 600 700 800 900 1000300
400
500
600
700
800
900
1000Employment policy function conditional on productivity shock
e−1
e
high shocklow shock
−0.2 −0.15 −0.1 −0.05 0 0.05 0.1 0.15 0.20
0.1
0.2
0.3
0.4
0.5
0.6
0.7Average adjustment rate function and scatterplot
employment gap (z)
empl
oym
ent a
djus
tmen
t rat
e (∆
log(
e)/z
)
ñ �
4��,(*4"%�(g��#&�*-52�TG#&���*��#&!7�,2;�&(g�G#7�����*2M#7-e�t����A5���"!��,'G.$%��6#70���2M#�!7�G#7�C+d��4��,%��&��#&���"N)�,!&���,'/.$%��$#&�*2�A:+MNS�(*�,!&A5�"!�<>!7�,4J#7��-521-�<Q#7���_AM�,�`#7���,2��e^�!&0�#&����#D(*�*�"��4�(*-,�&��!�#&-=#7�;�[-5�W#7�*01�,(�+d-5%�2;'��,!$NS#&��!&�"�&��-,(*'Q8
� ���r���-F DU�������
9t%�!���!&��0���!$NSA5-5�,(��*��#7-U���6#7�*01��#&��#&���t��'G.$%��$#&01�"2M#f4"-5�$#&�D<>-5!�(g�,+d-5!"8�RH2�';-5�*2�AU�&-;T?PD�E4"-52��&��'���!�$� �"4���^�4m��#&�*-52��CP��;�*4v�B01� X�#7�;�U�YX?#7!&�"01�e4��,�&�"�[����A5��(��*A5�M#7�"'�,+d-/I,�,�
C j ` 3 ` c ; o65��������
� � �=! 7 c 7 "&$7 "&$ ' = ` c ; E 4 t ` E 4 ��< `*) ` c ;� "=� 7 c 7 "&$7 "&$ ' = ` c ; b c t ` E c ��< `�� ` c ;� ��< ` 5 ` c ;�e
j ñ � o
�����:4"-5!&!$���&�d-52�';�*2�A`';N?2��,0��*4E-5�;#7��01���m��#&�*-52���!$-5+�(*�"0 4"-50)+���2����D#7�����C�&�d��4"��^�4���#7��-52|-,<r�,'WF.$%��6#70���2M#_4�-5�6#7��P���#&�@j{� o 8
9t%�!S���6#7��0���#&�*-52z�6#7!&��#7�"A,N@<>-5(�(*-OP���#7�;�|�*2�'���!&�"4"#`�*2W<>��!&�"2�4��B�,�;��!&-M��4v�QTf������2 s -,%�!&����!&-,%WX�,2;'���-52;<>-,!$#�j ñOl5l �Mo 8BRH2w#7����#S�,�;��!&-M��4v�QT�#7�;��!&�"�&���,!&4v���"!S�&�d��4"��^��"�S�,2z�,%?X;��(*�*�,!$N�0�-?'���(�#7-�$%�0101�,!$�*�����,�JN��"(*�"01�"23#&��<>!&-,0 #&���C'��G#v�;8�U�-5!��YX;�d-5�$��#7��-52��,(34"-52MI5��2;�*��2;4��,TMPD�fP��*(�(3!&�"<>�"!r#&-E#7����,%?X;��(*�*�,!$N:0�-?'���(;�,���E4"-5(*(���4"#&�*-52=-,<K0�-501�"2M#7��<>!$-50 #7����'��G#v�;8s�������$#&!&%�4J#7%�!&�,(�����!7�,0��"#&��!&���,!&�#&����21���$#&�*01��#7�"'�+MN�0��G#74v����2�AU#&�����$�E0�-50���2M#7��<>!&-50�#&���_�&�*0�%�(g��#&��'�'���#7���,��4�(�-5�&�[�,��� -5�$�&��+�(*�#&-�#7���S'��G#v�|01-,01�"23#&��8e\w�`'����&4"%��&�:#7�;�S4v��-5�*4"�S-,<�01-,01�"23#&�:�*2�'��J#v�,��(�+d��(�-/Pe8=�r-|�"�$#&�*01��#7�#&���=�6#7!$%�4"#&%�!7�,(s���,!&�,0��"#7�"!&��%��$�*2�A�#7���U�*2�';�*!&�"4"#_�*2W<>��!&�"2�4��=��!&-?4��"'�%�!$�,TKPf�=�&-5(aI5�e#7���U';N?2��,0��*4��!$-5A5!&�,010��*2;A[��!$-5+�(���0 A5��I,��2��t�&�d��4"��^�4���#7��-52S-,< �,'G.$%��6#70���2M#�4"-5�$#&�D��2�'SA5��I,��2��EI5�"4"#&-5!�-,<K#7�������!7�,0��"#&��!&�rPf�_�,!$�����$#&�*01��#7��2�A�8�\]�C<>-W4"%���-52S���6#7��0���#&�*2�A[#7��������!7�,0��"#&��!&��-,<K#7�����,'/.$%��$#&01�"23#4"-5�$#�<>%�2�4J#7�*-,2��,2;'��&�J#C-,#&����!����,!&�,0��"#7�"!&��-5%;#&�&��'��[-�<Q#7���_';N?2��,0��*4���!$-5A5!&�,010��*2;A������6#7��0���#&�*-52(�-W-5��8������e2��JX?#[�&%�+;�&��4J#7��-52�';�*�&4"%��&�$���_#7���e���,!&�,0��"#7�"!&���m��#&�*-52�-�<r#&���e��!&-5+;(*��0B8
� � % ��'��6� , ��,F' ��� �!����"$#�s-�&-5(aI5�)#7�;�`I��,!$�*-5%;�t';N?2��,0��*4S��!$-5A5!&�,010��*2;A���!$-5+�(*�"01�E�&�d��4��a^���']�,+d-OI5�,T�PD�`2����"'i#&-B4��,(*� F+�!&��#7�e�`23%�0)+d��!�-,<r���,!&�,01�J#7�"!&���,2�'B�&�d��4"��<~N�<>%;2�4"#&�*-52|<>-5!$01�"8�\w�U�,�$�&%�0��,�
� �pf-,+�+WF �t-,%�A5(g���E��!$-W'�%;4"#7��-52Z<>%�2�4J#7��-52��*2ZP�����4v�x��-5%�!$�=��2�'���0���(*-ON,�����U�,!$�)�d��!$<>�"4"#&(�N�$%�+��6#7��#&%;#v��+�(*��86.s��+ -5! ���$���,!$�=�����;8 � > ��2�'|#7���e01�,!&�3%��B�*���$�"#[��#[� > � 8
� #&���e'��*�$4�-5%;23#�<c�,4J#7-5!Uj Gro �*���&�J#[��#_�;8 l5l !&�"����4"#&�*2�A�-5%�!�%;�&�U-,<�V3%���!$#7�"!&(aN|'���#7�
ñO}
� #HPD-@����!7�,0��"#&��!&��-,<[#7����4�-50�� �"2��7�G#7�*-,2�<>%�2;4"#7��-52QT ��� �,2�' � ; TfPf�"!&�Z4v�;-5�&�"2��&-w#&����#�6#7���,';N��6#v��#&���;-5%�!&�:PD��!$� e ��,2;'i#&����#e�$#&�m�,'WNx�$#v�G#7�`��0���(*-ON?0���2M#U��#e�m��4v�w��(*�,2M#:PC�,�� �5�;8 ;<[1�����U!&�"0����*2���2�A)���,!&�,0��"#7�"!�T;�T��������6#7�*01��#&��'Q8
� U�-5(�(*-OP��*2;A`pf-W-,� �"![��2�'�\���(*(*���:j{�,�5� }Mo T�#7���U��!$-,^�#v��+��*(���#HN1�&��-?4v�4�-52��$�*�6#7�_-,<�#HPD-�0)%;(�#7� F�;(*�*4���#7�aI5�=�JXW-5A5�"2�-5%��e4�-,01�d-52��"23#&���:��2]��A5A5!&�"AM��#&�)�&��-?4v��j2/ ����� o ��2�'i�,2x�*'���-5�$N?2�4"!7��#&�*4�$��-?4v�|j</ Z�� Z � o 8��f-,#&�`�JXW-5A5�"2�-5%���4"-501�d-52��"2M#7��<>-5(�(*-OP�(*-5AGFH2�-5!$0���( � ��j ñ/o ��!$-W4"���$�&���"8�\w����&�&%;01��#7����#�+ -,#&�1�;!&-?4����$�&�"�f���mI5��#7�;�_�&�,0��_�$��!$�g�,(�4"-5!&!$��(g�G#7�*-,2QT���T?�,2�'`#7���_�7��01���$#7�,2WF'��,!&'i'��"I?�*��#7��-52QT���8`�����"�&�`#HPf-����,!7��01�J#7��!$�U�,!&�`���6#7��0���#&��'x�*2�#&���`�*2�'���!&�"4"#e�*2W<>��!&�"2�4���;!&-?4���';%�!&��8
� � , � � , �� "=�+" *�"����9t%�![�*2�'���!&�"4"#_�*2;<>�"!&�"2�4��S������!&-5�,4v�Z%��$���E#&���=^�2;'��*2�A,�E!&�"� -,!$#7�"'Z�*2ZpCq����E4v���,!&�,4"#&��!$�*����2�A����"N0�-50���2M#7�:-,<D��0���(�-/N?0���2M#U';N?2��,0��*4"��8S\w�`%��$��#&�����$�10�-50���2M#7�t#&-�*2;<>�"!t#7�����$#&!&%�4J#7%�!&�,(��,'WF.$%��6#70���2M#_���,!&�,01�J#7�"!&��8����3%��_��#������*0�� -,!$#v��23#f#7-`%�2�'��"!&�6#v�,2�'B#7���eAM���B0��"#&��-?'�-5(*-,A,N58
pCq 4�-52;�&�*';��!e#7�����$#7��#7��41-5�W#7�*0��*����#7��-52Z��!$-5+�(���0 -,<C����(*�,2M#�j~^�!&0 o <c�,4���2�A�!&�,2�'�-,0 PC�,(���$��-W4v�3�S#7-x+d-,#7�z�;!&-?'�%�4"#&��I?��#HNw�,2�'�'��"0���2�'Q8 ; 5 \��a#7�@#&���*�)�$� �"4��a^�4m��#&�*-52�T�#&���"Nw!&�"��(g�,4"��#7���<>!$�*4"#&�*-52;(*���$�C��0���(�-/N?0���2M#�#v��!&A5�J#�P���#7�#7�;�U�6#v��#&�e4�-52M#7��2�A5�"23#_(��"I5�"(*��-,<���0���(*-ON?0���2M#�<>!&-50L#7����6#v��#&�*4:-5�;#&�*0��*����#7��-52���!$-5+�(���0B8 = �
�����"�*!e���6#7�*01��#&�*-52x%��$���=�,A5A5!$��AM��#&�`-5+��&�"!$I���#&�*-52��e-52]2��"#=�,2;'wA5!$-5�&�e��-OP��U<>-,!�� Wx01�,23%WF<c�,4J#7%�!$�*2�AS�"01�;(*-ON?01�"23#�A,!&-OP�#7�wjc'��"2�-,#&��'Et I [ 4.; o #7-`���6#7�*01��#&�e�`���,�m�,!$'B<>%;2�4"#&�*-52|<>!&-,0
t I [ 4.; 5����c �
j%t I a[ 4.; b ^Y o�� j ^Y b t I a[ 4.; o�� [ j ^Y o�� Y e j ñ�ñ/oh_��!&� ^Y !&�"��!&�"�&�"23#&�s#&����AM�,�e��<~#&��!Q#&������(g��23#Q���,��+ �"��2e�&%;+?.$��4J#7��'U#7-_�,2MNt��'��*-,�$N?2�4�!&��#7��4��&�;-W4v�3��8>=�;WW-/t I a[ 4.; b ^Y ����#7�;�|�&�*�"�|-,<�#7���|A5�,����<~#7�"!S�,2MNz4�-,010�-52@�$��-W4v�3�`#7-Z#&���|'����$�*!$��'�(*�"I,��(C-�<�"01��(�-ONW0���2M#�8
h[�"!&�Z#&���x(*�"<~#6FH�$�*'����*���d��!$�*-?' V E ñ ��0���(*-ON?01�"2M#|A5!&-OP�#&�Q8 �������|!&�J����4J#7�|#HPf-z<c�,4J#7-5!$���#&���S<>!7�,4J#7�*-,2]-,<D��(*�,2M#7�=�,'G.$%��6#7�*2;A���2�']#&���`0��,A,2���#&%�'��S-,<D#7���"�*!U�,'G.$%��6#70���2M#m81�����`<>%�2�4"#&�*-52u2d ¼,½]ÍÙÄ�ÍÎÄDÁ[½]¾.¿�ÖÓ¾ Ã�¿�Ým¾dÅoÀ;Þdì+¾ Ã"Â�ÊFßFÂÓÃ[ÆÓ¾ Ã�Ä�Ð+¾ Ã"Ð]Ïο�ÅoÁ"ÍÚÅ�Á[½]¾.ìK¿�Ïο�Å;Ì ¾MÔ�ÐK¿�Å]¾MÏ?Á@½;¿kÁ"À]ÅKÔ=¾ Ã@ÏÚÍÙ¾MÄ3ÒOç | Ñq¼,½]ÍÎÄË;ÝmÀ;Ã[¾"ÌvÂÓÞ/¾MÄOÊ|Ã@ÂmÞ Ì ÂmÅ~Öm¾MÃ@Ä@¿kÁ@ÍÚÂÓÅ;ÄSß�ÍÚÁ[½�ïÓÂm½]Å | ¿mÏÛÁ@ÍÚß,¿�Å;Ým¾ ÃáÑu 7 È~ÍÚÅKÌv¾�Á[½;¾ Ü$ßOÂmÃ@Æ.ß�ÍÚÁ[½�¿�ÝÓÝmÃ@¾ ÝÓ¿�Á[¾áÔîÔ]¿kÁ�¿]ä~Á@½]¾3Ô=ÍÎÄ�Á@ÍÚÅ;ÌvÁ[ÍÙÂmÅ�ì+¾vÁ�ßO¾ ¾ Å�¿GÐ]Ïο�ÅoÁ�¿�Å;Ô�¿�Ë;Ã@Þ ÍÎÄ�ÍÚÃ@Ã@¾ ÏÙ¾ Ök¿�ÅoÁMÑy � ¼,½]¾ Üî¿mÃ[ÝÓÀ]¾�Á@½]ÍÙÄOÍÎÄOÏÚ¾MÝmÍÚÁ[ÍÙÞ/¿�Á[¾¶Ô=À]¾¶Á[ÂdÁ[½]¾�Ã�¿�Å;Ô=ÂÓÞ¦ßO¿mÏÚÆ.Ä[½]Â=Ì�Æ~ÄMÑbÒFÂoÂÓÐK¾MÃO¿mÅ;Ôîð ÍÙÏÙÏÚÍÎÄl~ ���&�f�L�b¿�Ã@ÝmÀ;¾�Á[½;¿�ÁÍÛÊ�Ä_½;Â~Ì�Æ=Ä*Ô=Â�Å]ÂmÁ·Ê|ÂÓÏÚÏÙÂkßC¿DÃ�¿�Å;Ô=ÂÓÞ ßO¿mÏÚÆ�äkÁ@½]¾ Å�Á[½;¾�Ä�Á�¿kÁ[ÍÎÌFÁ@¿mÃ[ÝÓ¾vÁ@Ä·Þ.¿�Ü"Å]ÂmÁ*ì+¾�Ð]Ã@ÂmÐ+ÂmÃ[Á[ÍÙÂmÅ;¿mÏmÁ@¶Á[½]¾OÊ|Ã@ÍÙÌvÁ[ÍÙÂmÅ]ÏÙ¾MÄ@ÄÁ@¿mÃ[ÝÓ¾vÁ@Ä,Ä[ÂGÁ[½;¿�Á�Á[½]ÍÎÄ�Ð]Ã@Â=Ìv¾MÔ]À]Ã[¾�Þ.¿�Ü.ì+¾"Ð]Ã[ÂÓì]ÏÙ¾ Þ.¿kÁ@ÍÙÌmÑy u ¼,½oÀKÄl��¶¿mÅ;ÔdÁ[½]¾,ÝÓ¿mÐ�Þ/¾á¿mÄ[À]Ã[¾,Ô=¾ Ë;Å]¾MÔ�ÍÙÅQ~ ���?Ã[¾ â;¾MÌvÁ*Á[½]¾�Ä@¿�Þ/¾�ÌvÂmÅKÌv¾ Ð]Á*Þ/¾á¿mÄ[À]Ã[¾áÔd¿�Á?Á�ßOÂ"Ô=Í���¾ Ã@¾ ÅoÁéÐ+ÂmÍÙÅÓÁ�ÄÍÚÅ'Á@ÍÚÞ/¾mÑ
ñ e
� j ^Y b t I a[ 4.; o ���`#&�����,A5A5!$��AM��#&�|���,���,!&'�!&�J����4J#7�*2;A]�"��#7�;��!S#7���B��!$-5+��,+���(*�a#HNw-5!S#&���!7��#&�B-�<�,'/.$%��$#&01�"23#�8������E�,!&A5%;01�"23#�-,< #7������<>%;2�4"#&�*-52��*��#7�;�[�$�*���_-,< #7���_��(g��23#6FH�$� �"4���^�4_A5�,�$� 2 �6�r�t#7����,A,A5!&�"AM��#7�fA5!&-OP�#7�S��2)#7���D<>!&�*4J#7��-52�(*�"�&�r��0���(*-ON?01�"2M#�#v�,!$A5�"#�TM'���2;-,#7�"'$t I a[ 4.; TM���,��#7�,�,�"21�;(g�,4"�,8RH21�U2;-52WFH4"-52MI5�YX|�,'/.$%��$#&01�"23#�4"-5�$#D��2MI?�*!$-52�0���2M#mT3#7����<>%�2;4"#7��-52 � j ^Y b t I a[ 4.; o !&�"��!&�"�&��2M#&�f#7���<>!&�,4"#&�*-52�-,<���(g��23#&�[#&����#e�,'/.$%��$#E+3N�#7���)�,01-,%�2M#E-,< t I a[ 4.; b ^Y 8tRH2x��V3%��,'�!&��#7��4)�,'/.$%��$#&01�"23#4"-5�$#��"23I?��!&-52�0���2M#�T3�,(*(3^�!&0����,!$���,'G.$%;�$#7��2�A:+MNS�E<>!&�,4"#&�*-52QT � j ^Y b t I a[ 4.; o TM-,<�#&���C#7-,#7�,(;';���&��!&�"'�,'/.$%��$#&01�"23#�T*t I a[ 4.; b ^Y 8�RH2�����#&����!D4m�,�$�,T?#7���E^�2��,(K#7��!$0 ��2�j ñ�ñ/o �*� � [ j ^Y o TW#&���E'����$#&!&�*+;%;#7��-521-�<#&���eAM�,���!&��-5!C#7-S#&���U�,A5A5!$��AM��#&�:�&��-?4v��#7-S#&���e��0���(*-ON?01�"2M#�#v�,!$A5�"#�8
9E<�4"-5%�!$�&�,T1t I a[ 4.; �*��2;-,#�-5+��$��!$I��,+;(*�,8DpCq�4"!&����#7�U��#C<>!$-50
t I a[ 5 t I [ E�� t � [ j ñ � oP����"!&� t I [ �*�=-5+��&�"!$I,��'��,A5A5!$��AM�G#7���"01�;(*-ON?01�"23#�A5!&-OP�#&�z�,2�' t � [ �*�=-5+��$��!$I,��'��,A5A,!&��A5��#7���-,%�!&�[A5!&-OP�#7��8tpCqk�&�;-/P #&���*�_!&�"(g��#&�*-52��$���*�4"-501�"�[<>!$-50 #7�����,A5A5!$��AM�G#7�*-,2�-OI5�"!E^�!$01�d�6#v��#&�*4-5�W#7�*0��*����#7��-52��;!&-5+�(���0���8 �����i���,!&�,01�J#7�"! � �*�|4��,(*��+�!7��#&��'k<>!&-,0 #7�;�]�6#v��#&�*4�-5�;#&�*0��*����#7��-52��!$-5+�(���0 -�<r#&���:^�!&0B8 = =
� �tpCq�';-�2�-,#E���mI5�)�;(g�,2M#$Fy(*�JI5��(�'��G#v�;TK#7���JNB4m�,2Z2;-,#t'���!&�"4"#7(aN01���,�&%;!&�e#7���)';�*�$#&!&��+�%;#7��-52� [ j Y o 8����������*��4"!&�m�G#7��'`��2�#7���"�*!��"�$#&�*01��#7��-52�+MN)��2M#7!&-?'�%�4"�*2�A[^�!&0 �&�d��4"��^�4CI��,!$�g��#&�*-52��r�*2 Y ��<~#&��!#&���:4�-50�0�-52�I��,!&�*��#7��-52���8rRH2���,!$#&�*4"%�(g�,!"TW<>-5(�(*-OP��*2;A=#7�;�:4�-50�01-,2|�&��-?4v�3��#&-S#7���:�"01��(�-ONW0���2M##7�,!&A5�J#mT?-52��YFH���,(a<�-,<Q#&���[^�!&0��f���mI5�[#7���"�*!fA5�,����2�4�!$�m�,�$��'ijc';��4�!$�m�,�$��' o +MN1�,2|��01-5%;23#f'���2;-,#7�"'���O8>= T �����������,!7��01�J#7��!��������6#7�*01��#&��'B�,��Pf�"(*({8
pCq�4"-52��&��'���!_�`V3%��,'�!&��#7��4:�&�d��4��a^�4m�G#7�*-,2<>-,! � j�� o� j ^Y o�5 ^� � E ^� = j ^Y b Y � o = j ñO}Mo
P����"!&� Y � �*���t4�-52��6#v�,2M#�8��r-:-,+;#v�,��2)���,!&�,0��"#7�"!����6#7��0���#&���"T,#7���JN)%��$��-5+��$��!$I���#&�*-52;��-52S��0���(*-ONMF0���2M#:��2�'Z��-5%;!&�tA5!$-OP�#7�Z��2zj ñ � o #&-�4m��(*4�%;(g��#&�U#&���)A5!$-/P�#&�Z!7�G#7��-�<�#7���=��0���(*-ON?01�"2M#E#v��!&A5�J#m8��������0��m�,�$%�!&�1�*�e#7���"2@%��$��'z�*2�j ñ�ñOo �,(�-52�AP���#&�kj ñm}Mo 8�pCq ^�2�'@����!7�,0��"#&��!eI,��(*%��"�=<>-5!e#7��������m�,!$'�#7���G#E0��*2���01�����t#&�����$%�0 -,<��&V3%��,!$��'�'��a���"!&�"2�4��"�t+ �J#HPf�"��2Z#&���)�,4J#7%���(��,2;'Z��!&�"'��*4J#7�"'�"01��(�-ONW0���2M#�A5!$-OP�#7�Q8 = gy%y ÒFÂoÂÓÐK¾MÃ"¿�Å;ÔXð ÍÚÏÙÏÙÍÙÄ ~����f�&�&��Ð]Ã@ÂkÖoÍÎÔ=¾/¿®Ì ÂmÞ/Ð]ÏÙ¾vÁ@¾/Ô]ÍÙÄ@ÌvÀ;Ä@Ä[ÍÚÂÓÅ�Â�ÊFÁ[½]ÍÎÄ"Ô=¾MÃ[ÍÙÖk¿kÁ[ÍÙÂmÅ¿�Å;ÔXÍÚÁ@Ä�ÏÙÍÚÅ]Æ�Á[Â'Á[½]¾.¿mÐ6zÐ]Ã@ÂÓ¿mÌ�½$Â�ÊéÒOç | ß�½]ÍÙÌ�½�¿�Ã@ÝmÀ;¾MÄFÁ[½;¿�Á��'Ã[¾MÐ]Ã[¾áÄ_¾MÅoÁ@ÄFÁ[½]¾"Ä[¾ Å;Ä[ÍÚÁ[ÍÙÖoÍÚÁ�ÜîÂmÊ?½]ÂÓÀ]Ã@ÄFÁ@Â�Á@½]¾�ÝÓ¿mÐ'¿�Ê�Á[¾ Ã�¿mÏÚÏ1¾MÞGÐ;ÏÚÂkÜ~Þ/¾ ÅoÁ¿mÔ�w�ÀKÄ�Á@ÞG¾MÅoÁMÑy%} ¼,½]¾ Ã@¾dÍÎÄ�Å;®Ô=ÍÙÃ[¾áÌ�Á�ÌvÂmÀ;ÅÓÁ@¾ Ã%z�ÐK¿�Ã[Á�Â�ÊéÁ[½;ÍÙÄ�Ä[½]Â=Ì�Æ®ÍÙÅ�Á@½]¾�Ô=Ü~Å;¿mÞ/ÍÙÌdÂmÐ=Á@ÍÚÞ/Í 8M¿kÁ@ÍÚÂÓÅ�Ð]Ã@Âmì]ÏÙ¾ Þ�Ñ�� Á�Ä[½]ÂmÀ;ÏÙÔ�Å;Â�ÁìK¾�ÌvÂÓÅ=Ê|À;Ä[¾MÔ.ß�ÍÚÁ[½$Á[½]¾¶Ð]Ïο�ÅoÁ z Ä[ÐK¾áÌvÍÚËKÌDÌ ÂmÞ/Ð+ÂmÅ]¾MÅÓÁOÂ�ÊqÁ@½]¾¶Ð]Ã[ÂmË]Á@¿mì]ÍÙÏÚÍÚÁ�Ü.Ä_½]Â=Ì�Æ�ÑéÈoÁ[ÍÙÏÚÏ�ä=ßO¾DÌ ¿mÅîÍÙÅÓÁ@Ã[Â=Ô=ÀKÌv¾�Á@½]ÍÎÄO¿ÓÄÅ]ÂmÍÎÄ[¾¶ÍÙÅ�ÂmÀ]Ã�Ä[ÍÚÞ�À]ÏοkÁ[ÍÙÂmÅIä=Ê|ÂmÏÙÏÚÂkß�ÍÙÅ]Ý�Á[½]¾"Ð;Ã[Â=Ìv¾áÔ=À]Ã@¾�Â�ÊéÒOç�Ñy � ¼,½]¾îÐ]Ã@Â=Ìv¾MÔ]À]Ã[¾/Ê|ÂÓÃ"Á[½;¾î¾MÄ_Á[ÍÙÞ.¿kÁ[ÍÙÂmÅ2ÍÎÄ3Ïο�ÍÎÔ-z ÂmÀ=Á3ÍÙÅ�Ä[¾MÌ�Á@ÍÚÂÓÅG���dÑ ��Â�ÊDÒOç�ÑDÀ]Ã3¾MÄ_Á[ÍÙÞ.¿kÁ@ÍÚÂÓÅ2ÞGÍÙÞ/ÍÙÌMÄ"Á@½]¾ ÍÙÃÐ]Ã@Â~Ì ¾MÔ=À;Ã[¾ÓÑ
ñ >
pCq�j>����+�(*�)�WTQ��.-W o !&���d-5!6#t#7���=<>-5(*(�-/P���2�A����$#&�*01��#7�"�`jc�6#v�,2;'��,!&'��"!&!$-5!&�t��2Z���,!$��2M#7�;���&�"� o �^� � 5 � e �5� ±������1²mµ�� ^� = 5 � e >,} ±������1²mµ�� Y � 5 b � e n � ±������1²mµ �,2�' ��� 5 � e � >,l ±������1²��]µ 8 pCq4"-52�4�(�%�'��t#&����#��)V3%��,';!7��#&�*4t�����m�,!$'B�$� �"4��a^�4m��#&�*-52�^;#7�C#7�;�:'���#v�)+d�"#$#7�"!C#7���,2�#&���t�K��#C���,�m��!&'Q8
� �� � ������� �!����" #� ,F�� +* ������������6#7��0���#&�*-52�-,<f#&���`�$#7!$%�4"#&%�!7��(����,!7��01�J#7��!$��Ts'���2;-,#7�"'�?Tr��23I,-5(�I,���e�&-,(�I?�*2�A|#&���S<>-5(*(�-/P���2�A0��*2���01���m��#&�*-52���!$-5+�(*�"0
� j o65 0��*2���� � b ���"j� o�� P�� ��� � b ����j o � e j ñ e o
P����"!&��#7����I5�"4"#7-,!�� � !&�"��!&�"�&�"23#&��#7�;�D0�-50���2M#7��#7-_+d�D01��#74v�;��')��2�'�� !$����!$���$��2M#7��#&����PD����A5�M#$F��2�AS0��G#7!&� X 8
WW�JI5��2�01-50���2M#&�`�,!&�4v��-5�$��2�<>-5!S#7������6#7��0���#&�*-52w��!&-?4��"'�%�!&��8������|^�!$�$#�<>-5%�!S0�-50���2M#7��,!$�:#7���e!&�"�&%�(a#7��!&�"� -,!$#7�"'���2�pCq�4"-5!&!$���$� -52;'��*2�AS#&-�#&���:<>-5(*(�-/P���2�AS���,!&�,0��"#7�"!&��-,<s#7���e�����m�,!$'<>%�2;4"#7��-52Q��j � � 3 � = 3 Y � 3 ��� o 8s������^�<~#&�U�"(*�"01�"23#���2:#7����I,��4"#&-5!�-,<W01-50���2M#&���*��#&�����&%�0 -�<W�$V3%��,!&�"'!$���&��'�%��,(��tj W�W � o <>-,!f�,A,A5!&�"AM��#7�_��0���(�-/N?0���2M#��*2�#7���tpCq��;!&-?4���';%�!&��8������[^�2��,(d#HPD-)0�-50���2M#7��,!$�)#7���S�$��!$�g�,(r4�-5!$!&��(*��#7��-52QT ����T��,2�'x�$#7�,2�'��,!$'x'��"I?�g�G#7�*-,2QT ����T�-,<�#7�;�S(*-5A|-,<�01�,23%;<c�,4J#7%�!$�*2�A�"01��(�-ONW0���2M#�<>!$-50 #&���U��.-W�&�,01�;(*�:%��$��'B�*2�pCq�8
�����`pCq����,���,!&'Z0�-50���2M#7�E�,!&�=4v��-5�$��2�<>-5![#HPD-|!&���,�&-,2���8 U���!&�6#mTK#7���)!$���$%�(�#&�:�,2�'Z4"-52�4"(*%WF�$�*-52��D�*2pCq��,!&�[<>!&��V3%��"2M#7(�N�#v���,��2B�,�f�"I?�*'��"2�4��:-�<�#7���:��A5A5!&�"AM��#&�E�*0��d-5!$#7�,2�4��[-,<�2�-52?FH4�-,23I,�JX�,'/.$%��$#&01�"23#=��#e#&���`01��4�!&-GFH(*�JI5�"(b8)���3%��U#7���"�&�1�,!&�]�6#&-5���*4��,(*��01-50���2M#&��8 WW��4"-52�'QTr�*2x�&��0)%�(*�GF#&�*-52QTW#7���"�&�U01-50���2M#&�[��!&�e�*2;<>-,!&01��#7�aI5�E<>-5!�';�"#7�"!&0��*2���2�A)#7�;�=%�2;'���!$(�N?�*2�A`�6#7!&%;4"#7%;!7�,(����,!&�,0��JF#&��!&�"8����3%��[P�����(*�=pf-?-5� �"!E��2�'�\���(*(*���ejb���5� }Mo �d-5�*2M#_-5%;#�#7����#[#&���U!&���$%�(�#&�E-,<�pCqk4m�,2�2�-,#_+ �'���!&�"4"#7(aN|%��$��'�#&-1�JI,��(*%���#&�U�,2MN���,!$#&�*4"%�(g�,!�0�-?'���(�-,<��,'G.$%��6#70���2M#[4�-5�6#7��TK#7�;���&�=!&�"A5!&�"�&�&��-52�!$�JF�$%�(�#&�D��!&���*2;<>-,!&01��#7�aI5����2;-5%�A5�`#7-U+ ��%��$�"<>%�( �,���e+��,�&����<>-5!��$#7!$%�4"#&%�!7��(d�"�$#&�*01��#7��-52)I?�g�:�*2�';�*!&�"4"#��2;<>��!$��2�4"�,8
�����|�$%�0 -,<_�$V?%��,!&�"'�!$���$�*'�%���(*��<>!$-50 #7���BpCq ��!&-?4��"'�%�!&�|������2�4�(�%�'���'@#&-Z0��*2���01�����S#7���W�W � +d�"#HPD����2w�,4"#&%��,(��,2�'x��!&�"'��*4J#7�"']��A5A5!&�"AM��#&����0���(�-/N?0���2M#:A5!$-OP�#7�x�*2Z-,%�!:�&��0)%�(g�G#7��'���2WFI?�*!$-52�0���2M#m8����;�U0�-,#&��I���#7��-521<>-,!��*2�4"(*%�'���2�A)#7�;�*���$#7��#7���$#&�*4t4"-501�"�C<>!&-50 ��#7�f��!&-50��*2;��2M#�!&-5(��t�*2pCq�8dpCq�%��$�:#7�������$#v�G#7�*�6#7��4t2�-,#�-52;(�N�#7-`'��"#&��!$01��2��t#7���e+d���6#����$#&�*01��#7�t<>-,!f#7���e����!7�,0��"#&��!&��-�<�UA5��I,��2����,�m�,!$'�0�-W'��"(bTM+�%W#��,(��&-e#7-�4"-50����,!&�_'��a���"!&��2M#f���,�m��!&'��$� �"4���^�4m��#&�*-52��"8�Ry<QPD�t���,'�#7���#&!&%��)0�-?'���({T #7�;�*�t�$%�0 -,<��$V3%��,!&�"']!$���$�*'�%���(*�t�$��-5%�(�'�+ �S�W8e\]�)��2�4�(�%�'���#&���*�t0�-50���2M#t��2�� ��$-�#7���G#C-5%�!��&�"(*�"4"#7��-52�-,<Q�$#7!$%�4"#&%�!7��(����,!&�,0��"#7�"!&��P��*(*({TM�*21���,!$#�T;0��*2���01�����f#&���*�DA5-?-W'�2;���&�D-,<�^�#0��m�,�$%�!&��8 = jy%� ê¤Ä[ÍÙÞGÍÙÏο�Ãé¿�Ð]Ð;Ã[Âo¿mÌ�½3ÂmÊ;Þ/ÍÛà=ÍÙÅ]Ý�ÞGÂÓÞ/¾ ÅoÁ@Ä*¿�ÅKÔdÅ]ÂÓÅ]ÏÙÍÚÅ]¾á¿�÷ÏÚ¾á¿mÄ_ÁbÄ%voÀ;¿mÃ[¾áÄIÍÎÄ·Ð]Ã[¾áÄ_¾MÅoÁ[¾MÔdÍÚÅ/ê�Ô;Ô]¿�¿�Å;Ô.ÒFÂ~ÂmÐ+¾ Ã
ñ �
������^�2��,(�#HPf-�0�-50���2M#7�[4�-50��e<>!&-50 #7�;�)�,A5A,!&��A5��#7�"'���.-W�'���#7��<>-5!�#7�;� ñOlMu �OF n � � �"!&��-W'%��$��'��*2�pCq�8�RH2�����!$#7��4�%�(*�,!�T?#7-`4m���;#7%�!$�U#&���U�,A5A5!$��AM�G#7�:�&�;-W4v�|��!$-W4"���$��T�Pf�U�*2;4�(*%;'��t#7���e�$��!&�*�,(4"-5!&!$��(g�G#7�*-,2��,2�'��$#v��2�'��,!$'k'��"I?�g�G#7�*-,2�-,<e01�,23%;<c�,4"#&%�!&��2�Aw�"01�;(*-ON?01�"23#���#|�]V?%��,!$#&��!&(aN�<>!$�JFV3%��"2�4"N,8=�����"�&�S0�-50���2M#7�t�;��(*��#7-|'��J#7��!$01��2��=#&���)'�!$��I?�*2;A���!&-?4��"�&�e�,�[Pf�"(*(����E#7������(g���$#7��4��a#HN-,<r4�-,01�d��2��&��#7��-52|P���#&�B!$���$� �"4"#_#7-`��-5%�!$��8>= �
�C�,�$��'�%��d-52@I��,(*%;����<>!$-50 pCq �,2�'���.-Ww'��G#v�;T�#&����I5�"4"#&-5!S-,<_01-,01�"23#&�=<>-5!����$#&�*01��#7��-52��� � � 5 jc� e � ñOl 3v� e >,} 3 b � e n·ñ � 3v� e � >,l 37� 3v� e l � 3v� e � � � u5o 8������|Pf�"�*A5�M#7��2�Ax0��G#7!&� X T � T��*�S4"-52WF�6#7!&%;4"#7�"'Z�,��#7�;�U��2MI5��!$�&�=-,<��`'��*�,A5-52���(Q0��G#7!&� X�4"-52��$�*�$#&�*2�A�-,<r#7���e��0�����!&�*4��,( I��,!$�g�,2;4����_-,<s#7���0�-50���2M#7���*2 � � 8������E�6#v�,2;'��,!&'���!&!$-5!&��<>-5!�#7���_�&�"!&�*�,(K4�-5!$!&��(*��#7��-52��,2�'��6#v�,2;'��,!&'1'��"I?�*��#7��-521-�<(�-5A���0���(�-/N?0���2M#e�,!$�j{� e � e �M3v� e � } � o 8e�����S�$#7�,2�'��,!$'x��!&!$-5!&�t<>-,!E#7����pCq����,���,!&'x���,!&�,0��"#7�"!&��,!$�U�,�[!$���d-5!$#&��'B�m�,!$(*����!�8������U�$#7�,2�'��,!$'��"!&!&-,!_-�<���.-W|0��,23%;<c��4"#7%;!&�*2;A��"01�;(*-ON?01�"23#_A5!$-OP�#7�QT�;8 � ñOl T��*��%��$��'��,�_�S01���,�&%�!$�e-,<r#&���e�$#7�,2�'��,!$'��"!&!$-5!�-,<r#&���e�&%�0 -�<��$V?%��,!&�"'�!&�"�&��'�%��,({8
�����eI5�"4"#7-,!_-�<��6#7!&%;4"#7%;!7�,(����,!&�,0��"#7�"!&�CP�����4v�BPD�U���$#&�*01��#7�:����A5��I,��2B+MN 5 j ��3 � 3��32 4 32 c 3 4 3 c 3 4 3 c o e
�����=^�!&�6#:#HPf-|4"-501�d-52��"2M#7�t4v����!7�,4J#7��!$�*�"�)#7���)�;!&-?4����$�t<>-5!E+d-,#&�Z#7���S��A5A5!&�"AM��#&�)�,2�'���'��*-,�$N?2WF4"!7��#&�*4:�&�;-W4v�3��8>=�X������:#7�;�*!&'����!7�,0��"#&��!�T�KTW4�-52M#&!&-5(���#&���e�&�"2��&�a#7��I?�a#HN�-,<sPC��A5����#7-`��-5%;!&��8������(*�,�$#��$�aX|4"-50�� -52;��2M#7�_�,!$�e#&���e���,!&�,01�J#7�"!&�C<>-5!C#&���U�,'G.$%��6#70���2M#_4�-5�6#7��8 = [
\]�����$#&�*01��#7� t+3N��&��0)%�(g�G#7�*-,2Q8�UK-,!��tA5��I,��2SI5�"4"#&-5!�-,<d���,!&�,01�J#7�"!&��T5PD���&-5(aI5��-5%;!�';N?2��,0��*4-5�W#7�*0��*����#7��-52E�;!&-5+�(���0BT/�,2�'ePf���$�*0)%�(*��#7��%��&��2�A�#7�����d-5(*��4"N_<>%�2�4"#&�*-52;��8�\w���,A5A,!&��A5��#7��#&����'���#v��,2;'w<>-5(*(�-OP�#7���|pCq ��!$-W4"��'�%�!$��#7-����$#&�*01��#7��#7�������,!7��01�J#7��!$��-,<�#&�������,���,!&']<>%�2�4"#&�*-52�8�\w��,(��&-=4�-50���%;#&�[#7�;�E-,#&����!D01-50���2M#&�D<>!&-,0�#7���t�$�*0)%;(g��#&��'�'���#v�W8����3%��C#7���"�&�t0�-50���2M#7��'��"� �"2�'-52|#&���e���,!7��01�J#7��!CI,��4J#7-5!"� � � j� o 8
9t%�!�0����*2�^�2�';�*2�A5����!&�e!&�"� -5!6#7�"'���2|���,+;(*��� ñ �,2�'��W8������e^�!$�$#�#v�,+;(*�:!&�"� -,!$#7���6#7!&%;4"#7%;!7�,(����!7�,0��"#&��!e���6#7�*01��#&���=�,2�'w�6#v�,2;'��,!&']��!$!&-5!$�U<>-5!=�2?%;0)+ �"!�-,<f�&�d��4"��^�4���#7��-52��U-,<��,'/.$%��$#&01�"23#4"-5�$#&����V3%��,'�!&��#7��4,Tf^WX;�"'QT�������4��YFyP����&��(��*2����,!`�,2�'�01� XW#&%�!&�"�1-�<tV3%��,'�!&��#7��4BP��a#7���m�,4v��-�<t#7���-,#&����!$��8>=�5k�����`�&�"4�-52�']#v�,+�(��S!&�"� -5!6#7�:#7�;��0�-50���2M#7�1j>�b8 �,8)#7�;�1�"�$#7��0��G#7��'x�����m�,!$'�� o <>-5!e�m��4v��$�"#_-,<r�$#7!$%�4"#&%�!7��(s���,!7�,0��"#&��!$��8
� 4�-,%���(*��-�<;�d-5�*2M#&���$#v��2�'e-5%;#m8�U���!&�$#�Tm#7����+d���6#s^;#��*�Q-5+W#v�,��2���':P���#&�U���;�*��4"�JFbP��*�&��V3%���'�!7��#&�*4�,'/.$%��$#&01�"23#14�-,�$#101-?'���({8�RH2����,!6#7�*4"%�(g��!�T�#7���B���,!&�,01�J#7�"!1'��J#7�"!&0��*2���2�A�#7���B4�-5�6#�-�<t����!&�*2;A�T~ �f�f�f�L��Ñy \ ê�Ä�Ô=ÍÎÄ@ÌvÀ;Ä@Ä_¾áÔ$ì+¾ ÏÙÂkß"ä~Á[½;¾"ÞGÂ=Ô=¾MÏq½;¿ÓÄ�¿dÁ@ÂmÀ]ÝÓ½]¾ Ã,Á@ÍÚÞ/¾"Þ.¿kÁ�Ì�½]ÍÙÅ]ÝGÁ[½]¾"½]ÂÓÀ]Ã�Ä�Ä_¾MÃ[ÍÙ¾MÄMÑy _ Õ�¾MÌM¿�ÏÙÏIÁ@½;¿kÁ¶Ê|ÂmöÐ;¿�Ã�Ä[ÍÚÞ/ÂmÅ~ÜÓäKßO¾�Ã@¾MÄ_Á[Ã@ÍÎÌ�Á�Á@½]¾/¿�ÝmÝÓÃ[¾MÝÓ¿�Á[¾"¿�Å;Ô�ÍÙÔ]ÍÚÂoÄ_Ü~Å;Ì Ã@¿�Á[ÍÎÌ"Ð]Ã@Â~Ì ¾MÄ@Ä_¾áÄ�Á@®½;¿�ÖÓ¾"Á[½;¾GÄ@¿�Þ/¾Ök¿�ÏÙÀ]¾MÄ,ÂmÊ � ���*Ñy d ¼,½]Ã[ÂÓÀ]Ým½;ÂmÀ=ÁGÁ[½]¾'Ë]à=¾áÔCÌ ÂÓÄ_Á@ÄMä�� ��� � � �� äF¿mÃ[¾'Å]ÂÓÃ[Þ.¿�ÏÙÍ 8 ¾MÔ2Á[Â%ìK¾�¾ à~Ð;Ã[¾áÄ[Ä[¾MÔC¿mÄ/¿�Ê|Ã�¿mÌvÁ[ÍÙÂmÅCÂ�ʶ¿�ÖÓ¾ Ã�¿�ÝÓ¾Ð]Ã@Â�Ë]Á�Ä Ñé¼,½]¾áÄ_¾�Ð]Ã@Â�Ë]Á�Þ/¾á¿mÄ[À]Ã[¾áÄ,Ô=Â/Å]Â�Á�ÍÙÅ;ÌvÏÙÀ;Ô=¾3¿ÓÔ�w�À;Ä_Á[Þ/¾ ÅoÁ�Ì ÂÓÄ_Á@ÄMÑy 7 ÈoÁ@¿mÅ;Ô]¿�Ã�Ô®¾ Ã@Ã[ÂÓÃ@Ä,¿�Ã@¾�Ì ¿�ÏÎÌvÀ;ÏÙ¿�Á[¾MÔ'¿mÄ�Ô]¾MÄ@ÌvÃ@ÍÚì+¾MÔ'ì~Ü�¶ÂmÀ;Ã[ÍÙ¾ Ã@ÂmÀ=à$¿mÅ;Ô Ø ÂmÅ=Ê|ÂÓÃ_ÁS~ �{�f�cb&�vÑ
ñ/u
2 4 5 � e u5u T��*���$�*A52;��^�4��,2M#7(�N�(*�,!&A,��!1#&���,2�#&���Z����!7�,0��"#&��!�';�"#7�"!&0��*2���2�A]#&���Z4"-5�$#|-�<:^�!&��2�A�T2 c 5 ñ e ñ e 8 T � WW�"4�-52�'�TK#&���U���$#&�*01��#7�"'��(g���$#7��4��a#HN�-,<s#7���ePf�,A5�:<>%�2�4J#7�*-,2QT 5 � e � } T;�*��4�(�-5�&�:#7-#&���e4m�,(��*+�!&��#7�"'�I,��(*%��:-,< ñ 8 l %��&�"'�+MN�pCq�8
������01-?'��"(5P���#7�U������4��YFyP����&��(*�*2;�m�,!���'G.$%��$#&01�"2M#�4"-5�$#&���,(��&-_'�-?����Pf�"(*(3�*2e#7�"!&0���-,<�01��#74v�;�*2�A#&���t���6#7��0���#&��'|�����m�,!$'�<>%�2�4"#&�*-52�+�%;#�'�-?���C!$��(*��#7�aI5��(aN�� -?-5!&(aN`�*2�#&��!&0��C-,<�^;#��2�A�#&���:��0���(*-ONMF0���2M#S�$��!&�����S��2w#7���BpCq ��!&-?4��"'�%�!$�,8i�r-�+d�|��!&�"4����&�,T�#&�����&%;0 -,<��&V3%���!&��'�!&�"�&��'�%��,(��j W�W � o��2x#&����pCq ��!&-?4��"'�%�!&�1�*�U�;8 �5� > > <>-5!:#&���1V3%���'�!7��#&�*4`0�-W'��"(b8�U�-5!:#7����������4��YFyP����&�`(*��2��m�,!:4"-5�$#�$� �"4���^�4m��#&�*-52���#���� > �e�d��!$4��"23#f(g�,!$A5��!"T W�W � 5 �;8 �5� n,n 8���������4�-52M#7!$�*+�%W#7����#7-e#7�;�[(�-5�&��<>%�2�4J#7��-52QT� j o T�+d����2�A`01-,!&�E#&���,2 > �S� �"!&4��"2M#EA5!$�m��#&��!�#7���,2|<>-5!C#7���eV3%��,';!7��#&�*4:0�-W'��"(b8
�����t2;-52WFH4"-52MI5�YX�,'G.$%;�$#70���2M#�4"-5�$#C01-?'���(d'�-?����#7���t+d���6#��*21#7��!$01�D-,<�^�#$#7�*2;A=#7�;�t��0���(*-ONMF0���2M#e�&�"!&�����:P���#&�]��2 W W � -,<f�;8 �5� } 8=Ry#e'�-W�"�:I5��!6Nx� -?-5!$(�N5T���-OPf�JI5��!"Tr��2�#7��!$01�:-�<f01��#74v�;�*2�A#&���e���$#&�*01��#7�"'���,�m��!&'|<>%�2�4J#7�*-,2Q8 � 4"4�-5!$'��*2�A,(�N5TW#7�����_0�-?'���(Q���,���`I,��!6N(g�,!$A5�EI��,(*%;�:-,< � j o 8
���3%��D#&����<>�m��#&%�!&��'����$#&�*2�A5%;�*�&�;�*2�At#&�����$�[�$� �"4���^�4m��#&�*-52�������#&������!��,+���(*��#HNU#7-U01��#74v�`+d-,#7�`#7��������m�,!$'z���$#&�*01��#7�"��<>!&-,0 pCq���2�'��,A5A5!$��AM�G#7���"01��(�-ONW0���2M#SA,!&-OP�#7�Q8]q�I?�*'��"23#&(�N,T�#&���������m�,!$'�"�$#7��0��G#7���|<>!$-50 pCq �,(�-52��i�,!&�x2�-�#��$%���4�����2M#�#&-�'����$#&�*2�A5%;�*�&�k#&���]0�-?'���(��|-,<S�,'/.$%��$#&01�"23#4"-5�$#&��8x9t2�4"��+d-,#7�w#&�������,�m�,!$'��,2�'�W W �L0��m���&%�!$���S�,!$����!$-5�d��!&(aN�#v�,����2z��23#&-Z�,4"4�-5%;23#�T�#7���V3%��,';!7��#&�*4e�,'G.$%;�$#70���2M#_4�-,�$#_01-?'��"(�^�#7��+d���6#m8
������-�#7���"!��&�d��4"��^�4���#7��-52��)��2�4�(�%�'��"'w�*2w���,+;(*��� ñ �,2�'z����2M#v���*(D��01� XW�*2�AB-,<��,'/.$%��$#&01�"23#4"-5�$#&��8 S_-52��D-,<�#7�;���&�D�&�d��4"��^�4���#7��-52��s(*�m��'��s#&-t�,2=�&��A52���^�4m�,2M#s�*0���!&-OI,��0���2M#�-OI,��!r#&���fV3%���'�!7��#&�*4�,'/.$%��$#&01�"23#e4"-5�$#U0�-W';��(b8=RH2]���,!$#&�*4�%;(g�,!"T�#7���`����!7�,0��"#&��!t�"�$#7��0��G#7���t<>-,!t#7���S^;XW��'i4�-,�$#7�U�,2;'������4"�JFyP����&�`(*��2��m��!t���,!&�,01�J#7�"!&�U�,!&�S2;��A5(��*A5��+�(*��8����3%��=�,AM�,��2QTQ#7���`0�-W';��(�P�����4v�w+d���6#U^;#7�:#7���pCq�!$��'�%;4���'B<>-5!&0 ���$#&�*01��#7�"���,2�'0W�W � 0��m���&%�!$�U�����S���*�"4��"P����&�UV3%��,'�!&��#7��4:�$#7!$%�4"#&%�!&��8
� � ���� ��m� ������� �
�������f����� �"!C��!&-OI?�*';�������6#7!$%�4"#&%�!7�,( �*2M#7�"!&��!$�"#7��#7��-52�-,<�#&���t!$��A5!$���&�$�*-52|!$���$%�(�#&�f!&�"� -,!$#7�"'|�*2pCq�8����-,�&�E!$���$%�(�#&��T;%;�&�*2;A=#7�;�[AM����0��"#7�;-W'�-,(*-5A,N,TM�*2�';�*4m�G#7��'�#7���G#C�,A,A5!&�"AM��#7�_��0���(�-/N?0���2M#�A5!&-OP�#&�'��"� �"2�'��"'�-52#7���U4�!$-5�&�_�&�"4"#&�*-52���(Q'��*�6#7!$�*+�%;#&�*-52|-�<�#7�;�U�"01�;(*-ON?01�"23#_AM���Q8�������#[�,2��,(aN?�&�*��(��"<~#-5�d��2��,2�*2M#&��!&�;!&�"#7��#7��-52-,<s#7���:^�2�';�*2�A�8
�DN=%��&��2�A:�,2��*2�'���!&�"4"#���2;<>��!$��2�4"�C0��"#7�;-W'�-,(*-5A,N,TG#&���*�r���,�d��!s^�2�'���#&����#�#&���f!$���$%�(�#&��!&�"� -5!6#7�"'��2pCq��,!$�:4�-52;�&�*�6#7�"23#�P��a#7��)0�-W';��(d�*2�P�����4v�#&����!$�e�,!&�t�,�$N?0�01�J#7!&��4EV3%��,';!7��#&�*4:�,'/.$%��$#&01�"23#4"-5�$#&���#�#7�;���*2�'��aI?�*'�%���(_�;(g�,2M#$Fy(*�JI5��({8 q�I?��'���2M#7(aN5T�#7�����|�,'G.$%;�$#70���2M#4"-5�$#|�6#7!$%�4"#&%�!&�x�*��!&�*4v�} ��� Ê�¿�Å;Å�¿�Å;Ô � ¿�ÏÙÞ�~ �{�&�f�&�,¿mÏÙÄ[ÂGË;Å;Ô�¾MÖ~ÍÙÔ=¾MÅ;Ìv¾"ÂmÊb¿mÄ[ÜoÞ/Þ/¾vÁ@Ã[Ü®ÍÚÅ�Á@½]¾ ÍÙÃ�Ä_Á[À;Ô]Ü®ÂmÊ*Ïο�ì+ÂmÃD¿mÔ�w�À;Ä_Á[Þ/¾MÅÓÁDÍÚÅ�Á@½]¾Ç�¾ Á[½]¾MÃ[Ïο�Å;Ô;ÄF¿mÅ;Ô.Á@½]¾¶èdÑ ã ÑL� ÅoÁ[¾MÃ[¾áÄ�Á@ÍÚÅ]ÝÓÏÚÜÓäoÊ|ÂmÃOÐ]Ã[Â=Ô=ÀKÌ�Á[ÍÙÂmÅ$ßFÂÓÃ[ÆÓ¾ Ã�Ä�~�¿ÓÄSÍÙÅ$ÂÓÀ]ÃOÄ_Á[ÀKÔ=Ü���ä=½]ÍÙÃ[ÍÙÅ]ÝGÌvÂÓÄ_Á@ÄO¿�Ã@¾�Þ/ÂÓÃ[¾Ä_À;ì;Ä�Á�¿�ÅoÁ[Íο�Ï�Á@½;¿�Å®Ë;Ã@ÍÚÅ;Ý/Ì ÂÓÄ_Á@ÄMÑ
ñOn
�"2�-5%�A5�#7-`A5�"2���!&��#7�:#&���e2�-52�(��*2����,!&�a#7�*�"�f!$���d-5!$#&��'B+3N�pCq�8��������4�-,2�4�(�%��&��-52w01�mNi�,���d�m�,!=�&%�!$��!&���&�*2;A��&��2�4���#7����pCq �"I?�*'��"2�4����*�U%��&%���(*(�N�I?���"PD��'z�,�
�$%����d-5!$#&�*2�A�&-,01�)<>-5!$0 -,<D2�-52?FH4�-,23I,�JXw�,'G.$%;�$#70���2M#U4�-,�$#7�"8����"#mTs�,�:�d-5��23#&��'i-5%;#e��2wpf-?-5�d��!�,2;'�\��*(�(*�*��jb�,�5� }Mo T�%��&��2�A[#&���f0��"#&��-W';-5(*-5A�N:-,<dpCq�T,�JI5�"2`�EV3%��,'�!&��#7��4f�,'/.$%��$#&01�"23#�4�-5�6#�0�-W';��(4��,2���!$-W';%�4���#7���_2�-52;(*�*2;�m�,!$��#7������#&����#�#7�;�"N`%�2�4"-OI5��!"8������*�����,�d��!�A5-?����+ �JN5-52;'�#7���G#D�d-5��23#�+MN^�2;'��*2�AS#&���U�,'G.$%��6#70���2M#_4�-5�6#[�6#7!$%�4"#&%�!&�eP����*4v�BA5�"2���!&��#7�"�_#&���e!&��A,!&���$�&��-52�!$���$%�(�#&��-,<�pCq�8
S[-�#7�)#7-?-�#7����#:#7�����t4�-,2�4�(�%��&��-52��*�e�,+d-5%;#E#7���`�,A,A5!&�"AM��#7��!&��A,!&���$�&��-52x!&���$%�(�#&�e!&���d-5!6#7��'x+MNpCq�8�9t%�!D^�2�'���2�A)'�-?���C2;-,#C��01��(aNS#7���G#C2�-52?FH4�-,23I,�JXW��#&�*�"���,!&�E2�-,#C!$��(��"I��,2M#���#D#7���t�;(g�,2M#$Fy(*�JI5��({8\]�E���mI,�t2�-,#D#7!&����'�#&-��YX;�;(g�,��21#7�;�t���,���,!&'�<>%;2�4"#&�*-52��D4v���,!&�,4"#&��!&�����"'|+3N�pCq�h=8 T ; RH2��$#&�m�,'�T�-5%�!!$���&%;(�#7�U�&��01�;(�N���01��(aN�#&����#=2�-52WFy4�-52MI5�YXW��#7��������#=#&�����;(g�,2M#$Fy(*�JI5��(��,!$�12;-,#�2;����';��'@#7-B�JXW��(*�,�*2#&���U�,A5A5!$��AM��#&�:��0���(*-ON?0���2M#�';N?2��,0��*4"��!&��A,!&���$�&��-52��_-,<�pCq�8
�����:0�-W';��(d��!&�"�&��2M#&��'B����!$�:�,(*�$-)���,�f�*0���(*��4m��#&�*-52���<>-,!f��-5%;!&�fI��,!$�g��#&�*-52Q8�\�����(*�E-,%�!D<>-?4�%�������D+d���"2�-52�01��#&4v���*2�AU��0���(�-/N?0���2M#D';N?2��,0��*4��"TW�;-5%�!&��I��,!&�*��#7��-52����*��4��"!$#7�,�*2�(aN`�=�;�*��4"�[-�<Q#7����,'/.$%��$#&01�"23#`�;!&-?4����$��8@���;��!&���!&��#HPD-x<>����#7%;!&���`-,<_��-,%�!&�)I��,!$�g��#&�*-52i#7����#�P��*(*(D+ �1#7����<>-?4�%��-,<�<>%W#7%�!$�=PD-5!&�K8 U���!&�$#�Td#&���)�"�$#7��0��G#7��'�01-?'���(s4�%;!&!&�"2M#7(�N���!$��'���4"#7�t��(*-OPD��!E�$��!$�g�,(s4�-5!$!&�"(g��#&�*-52�,2;'Z�1(�-OPf�"!E�$#7�,2�'���!&'Z'��JI?�g��#&�*-52B-,<���-,%�!&�_#7���,2����$#&�*01��#7�"'B<>!$-50 ��.-WB'��G#v�;8�WW�"4�-52�'�T #7�;��!&��,�;� ���,!&�f#&-S+ �E�&���,!$�|4�-52M#&!7�,�6#�+ �J#HPf�"��2��-5%�!$�CI��,!&�*��#7��-52��G#C#7���E��(g�,2M#f(*�"I,��(�I,��!$�&%���I��,!&�*��#7��-52��2���A5A5!&�"AM��#&�:'���#v�WT����$� �"4��g��(*(�N1�*2!$��(g�G#7�*-,2�#7-`��0���(*-ON?0���2M#�I��,!&�*��#7��-52Q8
U�!&-50 �,A5A,!&��A5��#7�"'|'���#v�WT;��-5%;!&���,!$�:4�-52��$�*'��"!7�,+;(�N1(*���$�CI5-5(*��#7��(*��#7����2|��0���(*-ON?01�"2M#�A5!&-OP�#&��,2;'�#&�����$�B#HPD-w(*�,+ -,!S�*2���%W#7���,!&��d-5�&�a#7�aI5��(aN@4"-5!&!$��(g�G#7��'�8 T = �D%;#mT�#7���B��(g��23#6FH(��"I5�"(f<c�,4J#7�1�,!&��6#7!&���3�*2�A5(aNZ'��a���"!&�"23#�����-,%�!&�=�,2�']��0���(*-ON5�"���U���mI5���,+ -,%;#=#&�����7�,0��SI5-5(*��#7��(*��#HN��,2�'i#7���JN]�,!&�2��"AM��#&��I5�"(�NS4"-5!&!$��(*��#7�"'Q8 � 4�4�-,%�2M#7�*2;AU<>-5!�#&�����$�[-5+;�&��!6I���#7��-52���-52���-5%�!$�f�,2;'1�"01��(�-ONW0���2M#�I��,!$�aF��#&�*-52;���*���,2�-�#7���"!C#v�,�$��<>-5!C#7������(*��2��t-,<r!&�"�&�m��!&4v�Q8
U���2��,(*(aN5T�-52��B4�-,2�4��"!&2�P��a#7�����$#&�*01��#7�"'�0�-?'���(���-�<:�,'G.$%;�$#70���2M#�4�-5�6#7���*���*2M#7�"!&��!$�"#v�G#7�*-,2Q�P����G#�*��4��,�;#7%;!&��'�+MN�#7�;�*��+�(*�,4v��+d-mX�� 9t2�����23#&��!$��!&�J#v��#&�*-52QT�<>-5(�(*-OP��*2�AwhE�,0���!$01�"�&���,2;'��<c�,2�2wj ñml5l �Mo ���C#7���G#_#&�����$�U�,'G.$%��6#70���2M#_4�-5�6#7�_!&���;!&���$��2M#[�&�m��!&4v��<>!$�*4J#7�*-,2���8
q�XW���,2�'���2�At#7�;�C(g�,+d-5!�<>-5!&4"�f!$��V3%��*!$����#&���D^�!$0 #&-t�d-5�$#�I��,4��,2�4"�*���rP����*4v�`�,!$�D^�(�(*�"'�#7��!$-5%�A5���0���#&4v���*2;A1��!$-W4"���$��8 � ^�!$0 #7����#[�d-5�$#&�[#7�"2�I��,4��,2�4������[0��mN5TK��2�#7�;�=^�!$�$#_N5�m��!�T ^�(*(��&�JI5��2�-�<#&����2Q8�RH2�#&�����&�"4�-52�'�N5���,!�TM#HPD-=0�-5!&�f0��mN)+d�C^�(�(*��'�8�9E<�4"-5%�!$�&��#7����01��#&4v��!&��#7�������$#&-W4v�����$#7��4,8RH2M#7%;��#7�aI5�"(�N5TW#7���e0�-W'��"(Q-5%�A,�3#�#&-�';��(*�aI5�"!��`���,!$#&�g�,(���'G.$%��$#&01�"2M#_#HN?�d�e-5%;#74"-50��,8
�������U��2M#7��!$��!&�J#v��#&�*-52x���=��(*�&-4"-52��&���$#&��2M#=P��a#7�x#7�����,�6N?010��"#&!$N���2i#&�����,'G.$%��6#70���2M#�4"-5�$#&��8pf(��m�,!$(�N5T�#7���"!&�_�*��2�-e�&���,!&4v��<>!&��4"#7��-52`�,�$�&-?4��g�G#7��'SP��a#7�S^�!&��2�A:Pf-,!&�,�"!&�"8 U�-5!$0���(*�*�"�*2�A�#7�;�_�$�m�,!$4v�} u è�Å;Ô=¾MÃ@Ä_Á@¿mÅ;Ô=ÍÙÅ]Ý3Ð]Ïο�ÅoÁ%z�ÏÙ¾ ÖÓ¾ ÏK¿ÓÔ�w�À;Ä_Á[Þ/¾ ÅoÁ,Ô=Ü~Å;¿�Þ/ÍÎÌ ÄS¿mÅ;Ôî¿mÝmÝmÃ@¾ Ýo¿kÁ@¾Fì+¾ ½;¿�Ö~ÍÙÂmÃFÍÙÄSÐ;¿�Ã[ÁSÂ�ÊqÂÓÅ]ÝmÂÓÍÚÅ;Ý"Ã[¾áÄ_¾á¿�Ã�Ì�½ß�ÍÛÁ@½�ïmÂÓ½]Å | ¿�ÏÚÁ[ÍÙßO¿mÅ]Ým¾MÃMÑ}%y ×FÜ'¿�ÝÓÝmÃ@¾ ÝÓ¿�Á[¾áÔ.Ô]¿kÁ�¿]ä]ßO¾�ÞG¾á¿�Å'Ð]Ïο�ÅoÁ z ÏÚ¾MÖm¾MÏq¿�ÝmÝÓÃ[¾MÝÓ¿�Á[¾MÄFÌvÂÓÞGÐ;À=Á[¾áÔ$Ê|Ã@ÂmÞ Á[½]¾��?Õ æ Ñ
ñOl
�6#7!&%;4"#7%;!&�:�,2;'��"I��,(�%���#7��2�AU��#7���*0���(��*4m�G#7�*-,2���<>!&-,0 #&���E�d��!$�&�d��4J#7��I,�t-,<�(*�,+d-5!��,'G.$%��6#70���2M#�4�-,�$#7������,2]�*0�� -,!$#v��23#U�YXW#&��2��$�*-52w-,<C#7�;��0�-W'��"(b8|�������=�6#7!$%�4"#&%�!&�|��(*�&-��&%�A,A5���6#7�=#&����#�4�%�!$!&��2M#����6F#&�*01��#7�"��-,<U(g�,+d-5!��,'G.$%��6#70���2M#B4�-5�6#7�-5%�A5�M#|#&-z�*2�4"(*%�'����"4�-52;-50�NMFyP���'��ZI��,!&�*�,+�(*�"��T��&%;4v���,�%�2;��0���(*-ON?01�"2M#e!7��#&���U�,2�'�I��,4m��2�4������e!7��#&���"T��*2��$-,<c�,!e�,�t#&�����$��I��,!$�g�,+�(����t��2;��%��"2�4��`01��#74v�;�*2�A��!$-5+��,+;�*(*�a#7������8
�,�
� O��3O:�9O:�� MO �
���������� ���������� ����������� jb�,�,�5� o �S�&�C�,(�(g�,'�%;!&�"#$#7�U�,2�'"!,%����d�"#&#&�,� � �t�*�&4"!&�J#7� � 2��,(aNW�$�*�-,<�W?4�!7�������*2;ARW?%�+��&��'��*�"��T �$#;.&%(',�)+*�.-,/.=.&*10 0�0324)+*6572�.1,/.&8:9GT ñ � n j e o T u5u,n
�n � � 8
����;���<(<=�� >�?�� @A�����CBD �B�EGFH��< j ñOl5l5}Mo ��� ����4�!&-?��4"-52�-50��*4 � 'G.$%��6#70���2M#�hE�,���,!&'����,2;'� A5A5!$��AM�G#7�e�EN?2��,0��*4"��T �JI�%K)+'0-LM'N*19O#;.&%P',�)+*�.-,/572�.1,/.&8:032RQJT ñ � n T }·ñO}
�>,n 8
����;���<(<=�� >�S�� ��BD HB�EGFH��<�������T�U SV:��<XWUY[Z���EGFH�� j ñOl5l5u5o �U� � A5A5!$��AM��#&�eq�01��(�-ONW0���2M#�ENW2��,01��4��"�,�f%;�*(*';�*2�A U�!&-50 ����4�!&-?��4"-52�-50��*4Dq�I?�*'��"2�4���T �?\/8]LM'N0324)&,O572�.1,/.&8:032�^7LM_`03LMa�T nMu Tñ�ñ >
�}5u 8
�b�������� S��� �U�����c�� UdeYf<(<=Yfg jb���5� }Mo �:�$�����tq�4"-52�-50��*4"�f-,< .s��+ -5! � '/.$%��$#&01�"23#�� ���*2;'�#7���s �,��T ��U���'��"!7�,( �_�"�&��!6I5���C�,2���-�<Hhe�,2��&�,�[pf��#HN,T �_�"�&�m��!&4v��\]-5!$�?��2�A ���,�d��!_� } F � > 8
i ��j� UYf�� 6��j�kH�: �������"�$ Ulm��EGn=�� (W j ñml5l �Mo �po�0f8:%(*q)&0�0 .1,sr3tu)&Q`L4v�572�.1,/.&8]L 0�'N0327wJL 0fx;.Xv&QJ89EX?<>-5!$' �[2��aI5��!$�&�a#HN ��!$���$��8
V:��y��� Uy���g{zp}|~ j ñOl5n5lMo ��� .��,+ -,!`�t��01�,2�'��,2�'�#7��� W?#7!$%�4"#&%�!&�B-,< � 'G.$%��6#70���2M#�pf-5�$#&��T �\/8]LM'M0324)&,$5u2�.1,/.&8:032�^7LM_`03LMa�T u,l T �5u e
�n5l 8
j ñOl5l5}Mo ����)�� .&'/�DLM8�)&,�v,8 ��!&��2�4��J#7-52 �[2;��I5�"!&�$��#HN ��!&�"�&��8
V:��y��� Uy���g{zp�|~ @:�6��� i D��nX��EGE j ñOl5l �Mo ��� � 'G.$%;�$#70���2M#�pf-5�6#7�|��2�UK�,4"#&-5!��t�"0��,2;'QT �# .&%(',�)+*�.-,/572�.1,/.&8:032���0 0-LM'�)&0@%P'�LJT } e T ñ � � e
�l �W8
��n���EGE� i �K�������A P�H��<(y j ñml5l5}Mo ��� � �6N?010��"#&!&�*4 � 'G.$%��6#70���2M#�pf-5�$#&���*2 S[-,2WFH(��*2����,! .��,+d-5%�!��-W';��(*�:<>-5!:#&���RS_�"#&����!$(g�,2�';���,2;'��=8�hS8 ���,23%;<c�,4J#7%�!$�*2�A WW��4J#7-5!$��T �c^7LM_`03LMa .-,D5u2�.1,/.&8:032o 0�%Kv+03LRQJT � �;T }5lMu
�e ñ �W8
�AjGg{WH��� j ñOl5n5u5o �t�79t�;#7��0��,( �����;(g�,4"��0���2M#C-,< s �Zpk�f%;�Cq�2�A5��2����"� � 2|q�0����*!$�*4m��( �B-W'��"( -�<hE�,!$-5(*'$��%�!$4v����!"T ��572�.1,/.&8]L 0�'N0324),T >&> j >5o T l5l5l
�ñ � }5} 8
� �� >FH��EUWS��] j ñOlMu,n5o �_�&q��$#&�*01��#7��-52:-,<��ENW2��,01��46.��,+ -,!��t��01�,2�'4WW4v����';%�(*�"��%�2�';��! �[��#&�*-52��,(q�XW�d��4J#v��#&�*-52��"T ��#;.&%P',�)+*�.-,/.=.&*10 0@0324)+*>572�.1,/.&8:9�T n � j �Mo T ñ �,� l
�ñ � e e 8
� zU����Yf 6���l� j ñOl5n �5o �:�6�����e�EN?2��,0��*4t�t�"0���2�'�<>-5! .s��+ -5!f�,2�'BpC�,�;��#v��(bT �"I�%�)+'0�LM'N*19D# .&%('Nr,�)+* .-,�572�.1,/.&8:032RQJT ñ � ñ T >?ñO}�e �W8
� ñ
� L��3>[<�������R;H;91R+9�HKLO>���LFHKL� �<qR;<?H��%:~RKZ� LSR;<·:��-?'��"( W?#&!&%�4J#7%�!&�,( ����!7�,0��"#&��!&� ~�Ä_Á@Ô'¾ Ã@Ã@ÂmÃ�ÄSì+¾ ÏÙÂkß��2 4 2 c 4 c 4 c � ��t%��,';!7��#&�*4 �W8 u5u ñ 8 ñ e �W8 � } �;8 u�} �;8 �M� n
~ �;Ñ �f�&� ~ �]Ñ �f�L� ~ �]Ñi���f� ~ �]Ñ �&�&�f� ~ �]Ñ �f�f�L�U�� XW��' �;8 �5� n,n �;8 � ñ e �W8 �5� �;8 l5u �;8 �M�,�
~ �]Ñ ������� ~ �;Ñ �&���&� ~ �]Ñ �&�&� ~ �]Ñ �f�&�&� ~ �]Ñ �f�&�&���FyP����&�:(��*2����,! FH�;8 �M� n �W8 � l > �W8 } � �;8 n e �;8 � }5}
~ �]Ñi�����&� ~ �]Ñi�{�c`&� ~ �]Ñi�{�&� ~ �]Ñ �����L� ~ �]Ñ �f������t%��,'�8 �3Ur�aXW��' �W8 u5u ñ 8 ñ e � � �W8 � } �;8 u�} �;8 �M� n
~ �]Ñ �cb&� ~ �]Ñ �?bL� ~ �]Ñ �f���f� ~ �;Ñk���a`L� ~ �]Ñ��-��� ~ �]Ñ �f�L� ~ �]Ñ �f�f�L��t%��,'�8 � ��FbP��*�&� �W8 u5u ñ 8 ñ e � � �W8 � } �;8 u�} �;8 �M� n
~��]Ñ��f�f� ~ �]Ñi���&� ~ �]Ñ �f���f� ~ �]Ñ�� � `&� ~ �]Ñ b �L� ~ �]Ñi���f� ~ �]Ñ �����-�
� L��3>[<¥`�����B� �<·N�RK:����'�%�4"��'WF U�-5!&0 q��6#7�*01��#&���
��-?'���( � � � ; Y � ��� W�W � ��� ��� � j� opCq�!&�"�&%�(a#7� a �;8 � ñOl �;8 >�} F �W8 n·ñ � �;8 � >,l �;8 �5�M� n �;8 l � �W8 � �?ñ 2��
�t%��,'�!&��#7��4 �;8 � ñOn �;8 >�} FH�;8 n?ñ �;8 � �5l �;8 �5� > > �;8 l·ñ > �W8 � e l ñ/u 8 e >U��aXW�"' F �;8 � ñ � �;8 e e FH�;8 e } �;8 � l e �;8 �5� } � �;8 l5l e �W8 � e l ñO} �,�;8 ñ ���FyP��*�$�:(*��2��m�,! �;8 � ñOl �;8 > � FH�;8 n � �;8 � �·ñ �;8 �5� n5n �;8 l > e �W8 � >,u � n 8 l ��t%��,'Q8 �3U�� X;�"' �;8 � ñOn �;8 >�} FH�;8 n?ñ �;8 � �5l �;8 �5� > > �;8 l·ñ > �W8 � e l ñ/u 8 e >�t%��,'Q8 � ��FyP����&� �;8 � ñOn �;8 >�} FH�;8 n?ñ �;8 � �5l �;8 �5� > > �;8 l·ñ > �W8 � e l ñ/u 8 e >» ¼·¿�ì]ÏÙ¾ �mä=ÐIÑq�����]Ñ
�5�