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This paper was prepared while Jason Varuhas was an intern at the Treasury. The authors are grateful to John Bryant, Sid Durbin, Michael Hampl and Marilyn Waring for their helpful comments on earlier versions of this paper.
The views expressed in this Working Paper are those of the author(s) and do not necessarily reflect the views of the New Zealand Treasury. The paper is presented not as policy, but with a view to inform and stimulate wider debate.