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Measuring Monetary Policy

Article  in  Quarterly Journal of Economics · June 1995

DOI: 10.3386/w5145

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U = A =

+' VAi+
I+l(
(i—e)..1v= i
'J r r)kJ+4

01.16 cu 1O T1JA6L t6çOU3pb (j3) O G6WTIJ6 JJOM .JJ6

wo1J6EA boTicA 2JJOC}C I qGbGLJqa OU AY1 t62TqFISTa

JJJG WOGT qactpq pA GdfTCOLJ (]3) J92 2GAGLJ fIIflCLIOMIJ bgLgwGcGta

(pJcJr7qIJd A9LIJC62 O JJLGG actrccrtj 2JJOCJ2) 40 pG 62flW6q

tLOW 21X COA9tT9UCG2 T Ta PA OLJ6 L6tTCOU
HOM6A6L g M uoçq GLJTGT JJTa WOqGJ IJG22 201116 btGAroiTa gc6wbca

W6tItG boTcA ruioiwcou' gcp o t.tpcp TwbTTGa bgtwGçGt

LcLTCcTOU2:
uG-3q JJJG 6tIsu}cG—9JpJq6t gaarmjbciou cc

gearnubcroua J _J' TG
GGtj nLTqa tçG cottGabouqa 4G bgtgw6ctrc

JJG .6q tflTT7' 0tt2642 2JJOCJ(2 oçj

t6ti qwuq uq POLtOMTXJd q6wq C96 JJ6 W9çtTX t6JçTu8 flJG

AY1 t62flJ2 cp açtnccritj qTacf7tpUC62 Ta

I 0
(T2) (i—c)_1v=
o-o —J
uq CG boITcA 2WOC)C (flow GdrTç0u (14)) T2

(12) i=—(+\

TG' JJG boitcA 2OC)C 72 btobotCTou9T CPG TuuoAgçrou CJJG G69T

riuq tgç g3 GxbGcCGq

II. 3O-pGI3pmu' Cpt2CuO uq ETCJGUP9I1W2

g22rnubçroxj 72 uolxpoLEoMGq tG2GLAG2 tG2bouq ourA boTTcA 2woc1c2

stow 6dflçoIJ (I) cpT2 g22rnubçOu TWbTTQ2 flJ t62cL7cC70u2 0' ?O

Lps W9CtTX L6JCLJd flJG tG2qn2 }JG 2Lf1Cf1t qT2çTTLpSIJCG2 2

u+' 1+'
(fl) (i—e)v= o o
I I
jc1+'

gijq CG bOTTc? 2JJ0C)C' OPATOrI3JA uonäp

(T8)

CG Ill Ictouâru' 2CLOIIdTU12 ]CG7 9flLJbflOIJ 72 2JJOCC2

G2GtA62 gtG bfltGjlt qewiq apOc)c2' M$flCJJ JJ2 IJO CJJOTC6 CJJG

2OtC tnu pr1ç ccouiwoqç (Gçp6t obGxs-wz)cGç ob6tcTou2 ot

q2conuç MIJqoz4) HT2 2bGccgCou ]2O TdUot62 CIJG bO22TPTTTCA C9C

EG tG2bouq2 potLot4Tud 2p0c}c2 HGUC6 Cps btwGCtc EG2crccrou2 ou ont

woqej cp9c ?q6rq 2CLoUdTU42 woqGj gtG 'O =O 140C6 T' btçcnt
22nwbCTou (JJ q OG2 uoç tG2bouq co pottoMIJà
 !8

epocJce) 12 }CGA qecudn2pIJa 2ctOIJdTIJ1e ebcciicCrou tt0W JJG

BGLIJ9L3)CG—JTUqGE W0qGJ MpTCJJ 622(11062

0E 2ct0IJsTIJ12 W06 MG pAG

J 00
(Ta) (i—c)1v=
T)J')
I\I T \'I i 0
T1

(50)

EdncohJ (50) 12 22W6 g STq pA actoiJaTu Tc eçgçse cj boitcA

CJJOCJC •2 J6 TLIUOA6flOU £JOUPOtL0M6 tG2GtAG2 1622 Tc2 bto3Gcclou Oh

TIJ0A9ct0U 2A.62•

jj je pu erldàsecGq j.iç

cGtcgru c1W62 6q pe c6taGcGq pottoq tG2GLA62 (266k 6•a• CO2WIJ0

uq 2p66p9u' i' ot 201116 GAq6uc6) IJq 20 cowbJGCGuGee MG

C26 2 M6T1 ic T2 ect9apc;otMrq 266 cc poLLoMGq—LGCGLAG2

ctaecTIJa cott6ebouqe flJG LG2ctrCcTOua H6t6 cpG WLTX

L6cud cpG I62qn92 ctnccnt qT2c pguc62 re

—i-- -.

(51) (i—c)_1v= i
0 T

uq CG boITc7 2POC)C 12

(55)
MpTCJJ adnaT2 cpa IJGagcTAa 0 JG TIJUOA9cT0U 0tt0MG tG26AG2
0rt0MGq-E626tAG2 cataacpsd •2 MaTr-)woMrJ co pa cjoea co rruq2-t9ca

cgLdactIJa M6U 20C)C2 co cpa pottoMruà nuccou gtG 2w9fl: cowbszp.rd (j)
(T2) MG ijoça cpc cpa wgctca qa;p.rid cpa M0 C9262 qTGt OIITA P cpa

T92 C0T111LJU Mprcp 8TA62 cpa ta2bou2ae O cpa TIJIJOA9cTOLJ2 p.r cpa OP2GtA9PTG

A9LT9PTG2 pOLLOMTIJd 2P0C2 J6UC6 Tt P0TL0MT1Jd 20CC2 9t6 2W9]]' cpa

CMO obatctisa btocaqrrLG2 9t6 uoc q2cudnTp9pa
' -GTc9TOU C9262 —j\ GCp TWbO2G 4M0

tG2ctrccTOIJ2' Ja9qud W06J2 gtG oatTqaucp-aq pA 0116 tG2TCcT011

(LGcgTT flY9ç cpa paa woqaj 2 r1uq6Lqa11cGq pA 0116 LG2cLTCcTOU)

0 JJG2G W0q6J2 cJJrl2 )C6 4JJ6 0LW 0 9 cac 0 cpa
LG2ctrccToLv VU g)çGtuçrA6 2cLçaäA T acpuca g
woqj uq cpacc p014 M6]J cpa btwaçat 62W96? c0t62b0uq cpa

bEGqcço1Ja O JJG CGt11CTAG w0q6J2 'g2 MG MTTT 266 PGTOM 2ctouaru2

TqGIJcrArJa 22r1UJbç0IJ 2pOC}C2 40 COlJ LG2GLAG2 wA pa qG1JçTtJGq MTCW

tG2GtAG qcwuq 2OC)C2 (=o) 266W2 baLtoLw MGTT TU flJG OA6tq6UçTtJGq

WO6J2 gq 20 MG 9J20 CO1J26t g g 2Gbgtgca cg2a cpa n2c-q6ucp6q

woqsj cpg 1wbo262 ou? tG2ctrccTou1

A D'W GtçTwwç]OU' EI3 LSfl.çt

6C9fl36 Oflt qGucTA11d 22tflhJbçoU 12 cpç cpata T2 110 aaqpacc tOW

boiTcA A9tPT62 cpa GCOLJOW?t MTJJTLJ cpa batoq' cpa jar.rdçp ot •1cp

bGLoq a pubotcxsc u bbat MG LGbotc t62flJ2 paaq ou

1vTcGLIJcTAeTA cpa woqaj cosjq pa qauaq p? Twbo2Tud s 41jouà—trw,,

LG2CtTccToxJ Gd wouacgr.7 bojicA 2C)C2 pAa ou]7 bLTCG—TGAGT
GttGCI2 111 cpa 1oud rJlu MG axbacc bntana JJT2 bbtocp p.r trrcrrta
t626gLcp.
 50

WO1JCpT? ouq PTMG6ICTA qoco E2CTWOCG9 iia1ijd d119ICGLT? qoço aGuGLocsq

dIIOTTCOCTAGTX 2TUflTOL COhJCJti2TOLI2 PC TC Ta WOLG O q;iiq fiG

qGuC;c9Cou 922i-lwbCTou o ijo GG9C) ;tow boc? CO fiG 6coIJow7 (ot fiG

OTCGEUOCTAG 922flWbçT0hJ CPOC boTTcA—woGt2 qo hOC EG2boUq CO COZJCGWbOt.91JG0112

TIJtOtWOCTOIJ) C fiG dn9tCGtT?i tLGdflGhJC?1

2 MG q2Cr122Gq p.' 26CC10U III OIIL btOCGqI1LG Gd11TtG2 fiG T1Jc111210U

O OCJJ boiTcA A9LTOPTG3 ouq UohJbOTTCt AOLT9PTG2 TU fiG AV12 YC OC

tLGd11GUCTG2 fiG bOTTC7 IwtTgprG2 MG (126 OLG COC9]• POIJ)C tG2GtAG2
IJOL1OttOMG tG2GtAG21 iiq fiG GqGtSJ 11Uq2 L94G YC fiG WOUflJJ?

ttGd11G1JC7 fiG xJoiJ-bojTc AOLT9PTG2 f12G MGLG LGOJ CDb' CJJG CD& GJ9COL
ou LJqGX o 2bOç cowwoqTcA bLTcG2 G9J CDb oziq fiG CDb GtT9COL MGIG
CJJO2GIJ p6C9I12G bLG2rIwgpTA CIJG7t 9t6 PGCCGt TIIqTCOCOL2 O ptooq WOCLOGCOIJOWTC

COIJqCoxJ2 CJJOJJ OtG WOtG COLIAGUCTOUOT wOucpJ?i hqC9coI2 TT)G p.Jq112çto]

btoqncCou gLTq fiG cB1 WOIJCIJTA qoco tO EGOT CDB oi.'q fiG CDb qG;]9ç0t
MGtG COLJ2CUICCGq p? JJ6 CP0M-rTIJ (TaT) TUCGLbOTSCTOU WGC}JO MTCP

cotLGcCToLl ;ot pt2ç-oLqGL wouCpT7 2GTgT cor.LGTOCT0IJ (266 ybbGuqx

WOtG qGc9J2) VC fiG PTMGGKT tt6dnG1JC7 fiG hJOU—bOJTc7i AOtTOPTG2

MGG}CTA qoCo 96 OAOTTOPTG btTot CO fIG cpouaG T" tG2GtAG gcconhJcTLJa

blocGqrit62 r'.' Ta8e pnç 2flp3GdflGlJCT7t OUT?t PTMGGJCTA qoço OLG OAOTTOPTG EoE
cowbgLopTITCA MG tGbotç 0IJTA PTMGG)C171 t62f1TC O fiG MJJOTG 2OWbJG bGtoq
M66)CT? L62f71C3 ;ot fiG bt6—T9j b6tToq qrq UO qGE 211P2C0UCT9TT t01L1
CP6 PTMGG)CIA tG2flJC2
13HOM6AGLt T tGJSCG MOL)C rIa1IJd OIJT?I L626tA63-WOtJcGç qgçg% CGMG)C6 9hq
Ifl1)CTG (T2) tTXJT CPC CTWG gddtGdgCTohi tLOW PTMGG)C)A co d119tcGr.j
TIJCGtA9T2 T2 uoç 0 btopjGw ot CpG couowctrc 0; wouGç9t7
bojcA
1MG (126 LJOISOtEOMG tG2GLAG2 1)J112 GXCGUG ctGqrC P.' otqt CO GTTWTIJ9CG
flJG GttGC42 O 9 pfl]6 O pOtLOMThJd2 9220c79c6q MTfJ fiG COIJCTLJGIJCT
ITTTUOT2 Gb2Oq6 TU T8V O TUqncG OItTC? MG IJOtiu9JTG COC9T P'-
L626LA62 uq hJOUOLIOM6 t62GtAG2 p? g jouä (3Q—woIJcp) WOATIJd 9AGt9dG O
O9] LG26LAG2 CJJT2 UOLJU9TT9CTOXJ T2 bt;Gt9pG 40 csjq-ud ]od2 6C9(T2G CJJG
woqGr
9AGt9dG O
2bGcGq TU TGAGT2 2CLoIJdTU (7)
uor.w9flGq p? 2pOL woArua
LG26LAG2 pOMGAGL' fJ2 btocGqnte CtG962 •6E}C7t, Twb11J25
TLG2BOIJ2G flhJCCTOIJ2 ziq OG2 hOc cJG9UJ7 2Gbgt9çe fiG qAxi9wc2 ot cocr
LG2GtAG2 giq IJOIJOttOMG tG2GAG2
1'19WG2 COCC bouç6q OtL 112 JJ9 fiG WOATIJà 9AGt9dG TuCGtbOT9CrOu 6tOL
CtG9G p?i cJJoM-rTIJ btocsqnt6 coiijq TU btpcrbj€ pJA9Jq9cG ont
g22rnubCrOu' CPC boiTcA 2JJ00JC2 qo ioç 6G pcc O CPG 6COIJOZLJA
ucJuqaq MGtG cpa prT2tJG22 MGG btoqnccou Tuqax uq cpa UGX O couiwoqrcA

btrcae (9 ptoqat MGGKTA btTCG TJqx qoa uoc 26GW pa VAVTTVPTG)1Q

JJJG ruqax O couiwoqC1k bLTCG3 1492 L7CJflq6q iJ fiG A9tOfl2 AY 2A2c6w2

u otq co cbcnta qqTcTouj TUtOLwVcTOU VAVTjVp]6 cpa aq gporic cpa

tucuita COf1tG O TLYflVCTOIJ 2 2 IIOM MGjj—JIJOM1J GXCjI12T011 O cpa

cowwoqçA btrca TIJqGX cauq co jaq co cpa 11btTca brja11' cpa uqud cpc
wouacgrjt cTdpcGIJTuä jgq tT2TIJd tVfJGt cjiu tVTTTUd btrca TGAGT

(Lot tjtcpat qT2cfl22OZJ' 2GG 2TW2' 9Uq CJJZT2cT9UO ETcpGupgn1u Vuq

EA9U2 4V'p IU b9tcrcrlj9tt cpa ccat 2JJOM fiG brrca bnsja 2

TVtaGTA u O iioç couctojitud tOt OTT 2rlbbJ 2pOca) it cpa
cowxuoqcA btca ruqax T2 iJCrTqGq cgbçrTtG cpa ag4 2 TLJtOt.WVCTOIJ ponc

cpa t'c' O rutTVcTou' V bVtVTTGT gtdmuauc 2naaG2c2 bcpia gu

TIJqrcgcot O flçt1tG OrI4bflc WOAGWGLJC2 IJO cpa 3A2cGW 92 M6JJ Ot flJT
t6920U ru out TLITcTST G2TWVTOU MG ucjriqaq cpa pJqax ot GVqIJd

TuqTc9cot (2potç JJoLrou) 1Il fiG dngtcatfl uq woucpj? 2A2cGwa HoM646t'

(UJTT)CG cpa cues O fIG coWWoqç7i btrca pJqax TLYCTn2T0U Ot cpa •uqGx o
GVqJJd uqc9çot2 pq JTçJG GttGCc oIl WOqG] G2çw9çG2 ot pubjaq TwbrTT2a

tG2bOIJ26 tnuCcTOu2 EOt CoWbVtVpTTT Tc1' GVtTTGt E62$YJc2 cWGtGtOLG' MG

axc]riqaq AVETVpJG MGIJ qGtAIJa cpa 62TWVG2 btaaauçaq pata

1492 9J20 uocaq P' 26CTOIJ III Ot 6AGtA 27t2c6w cPGILG VtG MO

bo22TpJa qGucAud V32uwbcTou2: jpç boTTc7uugJcGt VAG coucGwboLguGorl2

MTcWTIJ fiG bGtoq V CJGC}C Ot tOtT2CIJG22 MG tabaçaq out woucpA

G2çrwgçGa r72pJd TuqnctT9T btoqncou pi bJcG ot LGGT CD guq cpa ci
(r622 apGJcGt) Tu bce o cw CD q6fl ot
pe t6anjcpsa b9twGçGt
MGtG ATLcnGJJA qucrc t6botçGq pGtG
tS2flT2 FI2TIJd LGGJ CDb siiq 1G eD qGcOL ?ejq TWbnT2G
Gcri
tboIJ
tnJJCcTOu2 fJ9
tG WOtG G2TTA IJcGthtGcpJG uq Fl2GtflT tot
G2WG2 n2Tua fiG LrcGtboJGc6q At9pG2
pqxOIlT21P6W62f1tG
MG COIJcTLIflG tOCtl2
QJp6 btoqriccou MJ6 oçpt
W621TtGq MGqIJGq9? O M6IJG3cA (çpG cowwoqçA bttcG pqex r
ATJpJG qJA) MG fl2G AGtdGq ijris o btoqncçou piqx ot pG
cMo—MGG bGLroq GIJqpJd cpG 29cJ1tq7t btTot 2GççJGWGIJç 6qLTG2qA OflJGE
LG AGta6q OAGL flJG 4M0—M6G}( cjwGuc btroq
 55

rijOtiugrOu porT cpG IJOIJbOJTC7 AtrpG2 (TWIDJATIJd cpa bOTTC7

AtT9PTG2 2pOfT]q pG OLqGLGq TI' CG AYI) boTc?iuGt2 )CIJOM

OIJTA jddaq AJflG2 O IpG iioiJbOTTc?. AgtTPTG2 (TwbT?TIJd CpC CPG borc7
AtpG2 2pOrlJq pa otqataq Tt2C) 011L LG2flJC2 cntuaq Ofl O pG

LGT9CTAGTA 1112G1121CTA6 otqatp.ra cpoGr LJJIT2 t9cPGt drAG ]]

bGtwrTCgCrOu2 TU J] LG2I1C2 tabotcaq PGTOM MG 2217WG borc7iwGt2
AG cOiiç6wbotguGO2 TG' Cpa bop-cA AgLpJG2 ta otqataq
T2CJ MG 2O G2JW9G CJJtGG-Atp6 37i2ç6W2 p.rcJnqIJd IDOTTCA AtTpJ62
oufli (uoc tGIDotcGq)' gdgrij opçri.rpd LGJCAGA 2TWT]t t62(ITC21g
LOt 62çIUCOIJ MG f12G g CMO-2CGb GtTCTGIJC CI4W btocaqnta (wgxTwrnu

fl6Jpooq G2flWCG2 MGIG 2uqJt) JJJG pt2ç 2çGb O CIJG btocaqtrta M2

Gdrçou_pA—Gdncou 1' G2çTwgCTou 0 CJG COGtTCTGIJC2 O JJ6 j\ 2A2CGWJ

jpa 2acoijq 2çab •L7AoAaq wccpua pG 2GCOU WoWGIJç2 Wbfl6q p? CPG

biCcr1E cpaotGçTcJ woqaj paTua G2CWCG CO COATIJCG WCtTX O

CPa 41bop.cA 2acCOt1, AY Ea2qn2 (arTçpJ7 oLcpodoIJ6q O brrtãa
COr.tGTSCTOU MTCP uoiJboJTc?. Agpaa) ybbGrJqx btoitrqa WOLG

TIJoEwçTOu porrç our bocaqrrra MG batotwaq MO o G2C2 o cpa

AgLrorr2 woqa: (T) C62C2 o; L62LTCTOU2 p926q ou CPG

wuwGq AgJflG O CPG 2gwbJG CtTC6tTOIJ tIIIJCCTOLI (HIJ26IJI2 1 CG2C) guq ()

CG2C2 O p7%bOçpG2G2 OIJ G3çWgCG2 O 2cLrlccrltgJ bgLgwGCGL2

MG CfTLIJ IJOM O }JG tG2I1Tc2 E2CTWC62 O Cpa JCGICTAG

OAGtqGuC6q WOGJ2 p2Gq 01.7 WOIJCJJJA 9L,q PTM6G}CT? qgçg tG aTAGLI T
1IucGLG2CTudTA' CPa 22t1WbflOIJ 0 couçawbotguaorra •1JOtWTOIJ w71 p€ mota
rJGgt1A JTcGtgJJ? ctna gç cpa PTM661CT7 ttadnax.rc? a cpa btoqncçrou ruqGx
uq cowwoqc7 btica TIJqGX gta gAgflpJ6 MTflJ AGLA JTçJG T.
182Ctoudp.r (r) 2TWTJtA co1J2qGt2 272çGW2 MTCP iq MOf1 pG IJOIJbOJTCA
ALpJG3 p.rqud 2TWTT L62fl]ç2 1J JJG MO C92G2
TJJJG Tà 2CUICCfrLG rraaq p.r cpa jyij T2 qactpaq p.r pja -V MG owcçaq
201MG TTJGtWGqG T9a2 TI, potç 2WbJG bGLoq2
tG6qoIrr ra Guàcp2 I6 couA6LrCout cpa tarrç mGtG uoç cpuàGq MJJGIJ
o
MG K1G otw crcrcT
CG p2c-cgdG AY12
CETçGZT9 26JGC Td2 ps rxJcjrlqGq Tu
L9PT62 9uq 3 tG2bGCcTAGTA EGCJJ c9pJG tGbOtç2 bgL9WGçGL G2cIwgcG2 ttow

fIG tOtTt W0G2 qG2ctpGq TLT fIG IDtGATOFI2 2GCcT0U: pGtu9uG-pruqGt (oqG
B) cptT2cTgIJo-ETcwGupgnw (J4oqGJ c) 2ctOudTu (oq6J iJq pOttOMGq—

tG2GtAG2 c9taGcTIJa (woqGJ 'jJ20 20MIJ tot 69CJ1 W06 uq 29Wb1G btoq
12 g b-A9J(IG cott62boxJqua O fIG c621 0 fIG oA6tqGLJcAud tG2ctTccIOu

(oI) E2cIW9cG2 9t6 btG2GUlGq tot GZJTt6 29WbJ6 bGL0q vq

ot 2np-bGtl-oq2• JjJ6 2rip-bGti-oq2 CJJO26LJ cottGabouq ptoqA bGtloq2

q6uflGq pA GGt9J G2GtAG u2qGL2 gug Op2GtltGt2 92 bo22TpJA qecucc

ob5t9çluà LGdTWG2 (2GG Gät 2ctoUdTU ()) 0t GX9Wb)G' ra 12 9

coIJAGucToIJgr L69)C qç& cotLG2bouqud fIG CJ91Ja6 fI ObGt9TIId

btocGqut62 9L1110(TIJCGq pA CP9TtIU9LJ AOTCJCGtt T84 tGtTGC2 pOçJJ GIJ o fIG
AOTCIC6L GXbGtTWQuc 9IJ fIG pGd1IJIJ1IJd O COIIçGWbOtgIJGOS72 LG2GLIIG gcconucrud

uq gg W9LJC2 fIG pGà1IJIJTIId o fIG CLGGIJ2b9U tGdTWG uq bGtroq

tOTTOMTUd fIG 2COCJC W9t)CGc ct92p MG couqnccq WOtG ,c62ç2 ot

2cU1CnE9T ptG9JC2 fIG WOGJ b9t9w6çet3 MJJTCP TgtdGTA 2fthbOt6q Out
BLIOLT CPOTCG2 O P6J 9G2 BGJOM MG 9120 tGbOtç 20W6 tG2flT2 n21-ua 9

tOTTTUa 29WbT6 b6toq' gu bbtocp tGdrrTtG2 uo btrot g22rlwbcrou2 poiç

L69J q9c62

' cOIJAGurGuç MGA Otd9UTG fIG qCfloU 12 pA cou3q6tuà 69C

wOqG] O flJG EGqI2

obGt9pJd btOcSqfltG 1' MG pGdTIJ MTcp cp
—TL1q woqGj (4oqGJ R) MPTCP 922flWG2 cp€ 11I.7q2 t9G
12 62C pJqc9cot 0 bO]CA JG COLTAGUcTOIJ9J M2q0w •2 Jç dnJq2-

MG t9IJ G22 OL 2çtnCC(1LgJ tG9)C2 Mçp tUJ)CIJOt4LI Cp9UdG f962 92 btobo26q

pA yIJqtGt4a (ra3)E226I1T9T1A JJG G3
COIJ2T32 ot crcnrcp.ra Mgrq-
2cgcr2crc ot Ggcp bo22TpTe ptjc bopjc LrqpJd ot pcp
gp 2cgcy2crc 9}CG2 pIâp A9Jfl62 gzq CoWb9tIIJd flJG2G A9JJ1G2 ct1rc9r
A9Jfl63 cgpnTçq PA v"q' ix woucpflt qvç cp WtGM2 4624 9bbJGq
cp MPOTG 29UJbT6 2nddG2c6q 9 tG9)C TLT W7 I8O °t 2JJOtcTA cpGtG9tGt MG
C9111J0ç LGJGCC JJ21bO4pG2T2 o uo tGC tot cpG 1ae2-Ixa b6toq' icporiäp
6tG 12 wgtd1ug1 6A6UCG o tG9J 1' T9 13 Ot 4JJ6 icc6 btç ot
29WbTG JJGtG 12 2OUd GAqsuc6 O g PtG1C P T88 °t T8
t9G cgrdGcTLya 1492 3 aooq qG2ctbou o qt- G2GEAG boircA bElot ço

Ta.' uq bo22rpJ?'. 9T20 qfltIJa piG WOLG tGC6IJ b6tloq (rnsqGt CP9TEIU9U

CEGGIJ2b9IJ) ant puqud 1" wouçp?'. qç (j9p ) drrtc cou2T2cGuc

piie TwbtG22rou: yçponap B I uoc tGJGccGq piG 02 TGAGT

to piG 2SWb]6 92 9 MPOT6 ot ot 6pi6t PUTt O piG 2SWbTG' 742 b6toE1rucG

72 cTGgt]-A G2 11.1 piG —' —' 9L1 2np23wbJ62' IJq MOt2

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cp ouT?'. b6tloq 3 pcp cp6 Eq OTC9TTX qjjGtq o uoupotLoMGq—

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T2 taJaccag to cpa 2awbja ae a MJJOJG HOMGAGt' aTcpotdp 4OGJ 2 OG2 uoc

battotxu dnlca g2 M6)J a2 oqaj T" cpa boac—T88 batoqt oi cpa bo2c—T
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qc' cpa 3cLoudru woqaj qoa2 tGTacTAGTA M6TT 2 oA6tqaucAua

tGctTCcTOLJ2 iioc pap,à TLGJGCCGq Ot L7A 2rlp2awbTa JJJG daiiataj baccatu ot
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p cpa pac ot bo2c-ra batoq S2 g £4J30J6 0" pG b-AaJrTG CtTcGLTOu

pnc qoixnucaq pA woqal ot cpa btG-ia auq WOtG tacaijc bGLoq2
B26 OIJ cpaa ta3sJ-c2' cpa potrLoMaq—ts2atAs2 woqG] (Rd) critu2 onç

pa TwboeeTpTG q2cIJthfl2JJ tOW flJG at ucG-]pJqat trusq2_racG_pg2Gq

oqaj cpa b-AajnG2 o cpa cMo woqaj2 pJ japja2 auq 3 tG ATtcrTgT]A

•q6uçc9 EAq6UcA TIJ cJJT? ttGWGMOt)C cpa qç C9ZJZJO4 bru qot.w cpa ATfl6
cpa tG2bOu2G O cpa pOttOMTLJd 2pOCK2 MGJJ GIJOfTdJJ

q2çud!12p cpa MO WoqG]2 MOMGA6L' MG 266 PGJOM yu g IJGcGq caacTua

EW6MOL)C MG tG 9PTG 10 LGGC cpa poLtoMaq—tG2GtAa2 woqaj fU AOE O cpa

tnIJq2-LgcG-p2Gq w0q6j•

MG p6AG iioç AGç qi-ecrl22Gq cpa bgtgwacat acwgca cpawaTAG

tGbotcGq Tu ug 3 jpa açrwga o woa bgtgwacata 26GW

t62oup]Gt MTP pG
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2TobG o; tGGtAG2 qwuq 6dr1cTou) JcjJonäp 2wgJJ

1UCOttGCJX aL1Gq (uGd9cTAG)' uoçpjA tot oqj iu GEUJ2 ot cw

AgtTucG-coAgtTgucG wçtx o AV tG2qJ2 1btOpTGw11 Ot OqGj

T2 J JJG coIJçGWbotuGofI2 coAgucG o TuuocTou2 pTuq2 tgc uq

tG6tAG2 T2 cAbrcjj? bo.i tçpt cpsu U6dAG pubjsq pA

g woqG] 11 pcp flUq2 tgçG 2OC)C2 LG]GCç boiTcA cpudG3 ouT? Vu
aqAauCaaa O 4OqG] c r C}JS nç ciJ accoiuwoqaca CpT2 bo2TcTAa co4wtrucG'
aug IJGdGCTAG 62CTWaCG2 o OCCJIt J62 ttGdflGuJCjA Ot oqGj c

Ot fiG ALTOt1 woqa)' O1JIA 4OC6] 2 (2Ctoiid1u12 WOqaJ) 9JJ0M2 g

L66 G2CWgCG o cpa LG2bOu2TAG1JG22 0 cpa EG 2OC2 CO C6 qawauq ot

t62GLA62 CJJG batwaçat JJJ626 tG2IITC2 aTAG LJ TUCGLG2CTIJà

1ii21apC 01.7 batotiuiicG 0 fiG 9GtuauJc6-JrzJq6t WOqG]' woqaj GCJ

CPC woqaj a2211W62 =j TG' (nJ otqat CO 2capTTTa CJJ5

nuq2 t) fiG EG tI7TTA gccowwoqC6B pOC)C2 CO CG qawuq Ot COCST

I62GtA6a JpJG 20M2 to W02 2r1pb6tOq2 (62bGcTJA auq

I88—4) CPG G2CTWC6 0 T" wOucpJA gc T cjoa Co i' TwbTATiia

2npcgucTgT gccoiuwoqacroii ot qawuq 20CJC J.p6 GxcabcTou Tu cpa woLJcpJA

qc T2 cpa bGtroq 1a94-88t TU MJJTC CPG EGq abbaat CO SAG ccowwoqçaq

qawauq 2JOCJC Og 16226t qGdLGG CPT2 t621TTC 1JqccG2 MpA CPG aqat
I7IJ t6 w7i pa g boot btoxA Ot C}J6 2C911C6 O bojrcA Thi CPC btCCn9t
b6toq cp PTMGG)CTA qgg (L9pj6 3) cpa G2cTwgCG o T CJ026 O 01.76

Iii TT 2f1p2Wb1G2 GXCGbç C6 uoIJpottOMGg—tG2GtAG2-ctdGCud bGtoq

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cG2Cnud Ggcp woq6] OA6tq6IJc7qud t6act1cC101J JpT bbtocp pa Ct.to

qtsMpgc)c2: Ic dIAG2 ouT7 cp 3CC2CTCJ UOC GCOUOWTC Ot

w0q6] t6GCflOL7 srsq qo6 hOC gJJoM ot qt6cc cowbtaoL7 o woqj-

Vii STC6tIJCTA6 aCLgCGdA a TwboaG OIJTA 01.76 tsaçtrcçrou ou woq5j O

piJ) tG2GtAG2 WtJCG dGç 2C-Tq6ucTtCcOIJt iq CJJGIJt coUqCToU

ou tG2CLTccrou op6tis OM CJO?6J?t 6?cW9cG btw6ç6t AJ(TG3
O CJ6 W0L6 a6u6LJ woqGj COttG2bOuq Co JJO26 22fl1U6 p? Cp wote

tG2ctCcGq WOGJ2 qT2CflGq gpoAG

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9CCOWWOq9ç6 LG2GLAG2 qwai.'q 2JJ0C}C2 IJ cp 2JJ0t till." GTCPGL cptoräp

bLoAr2roIJ 0 IJ0IJ0Lt0M6 tG26tA62 Ot cpa qr2cornlc Muqor4' 20

2JJOC](2 co cocgi LG2GLA62 L66C OU]?t cp9uda2 Til cp q&wug tot L626LAG2 17

2P0L Lr717 II.' GLW3 0 b9L9W6c6L2 ot cpa woqG' 2cLoIJaTLY12

gaarrwbcrou TWBTTG2 4J9c T6' cpa TIJIJOA9cTOIJ ii.' O9J L626tAG2

qabauq2 OIJTA 017 cpa qGWaUq 20C)C i.'q ijoc 011 cpa CIILLGIJC r1Ug2 E9G 2 MG
gLG rT2TUd prdp—tadciaisc qçs' 0t M}JC}1 2ctOUdTUI2 92fTU3bçT0U 266W2 w02ç
bJ9n2rpTG aiiq 92 tG2ctrCcTOu q062 uOç 26GW aLoa2]-A r17c0172r2c617c

MTçp cPa G2TW9c62 q2Cfl226q Jfl2 t9I3' MG 1Ub02Gq cpç tG2ctTccTOu GLlq EG-

62cw9cGq cJJG woqaj 0 cpa LG2GLAG2 Wtjec MG LGtGL co LG2nTcTUd

woqG] 92 N06J Y C0IJqç0IJ9T 017 cpa 62TW9G2 0 4oqGJ y' MG 9L6 p6IJ

9PTG JG bgtgw6çaI L62cETCcTOIJ2 TWbJ6q p? 062 B' C' a' uq i

JpG 92C t62flT2 0 G2flhLJ9çTIJa cp woqG) 91Jq 4J6
922ocT9cGq pAbocpG2T2 GLG dTAGLJ P.' 9JG2 4 (woucpTA qç) uq
(prM66)q-? qc9)• LP6 ruqud2 T9Ld6T LGTIJtOLCG cpa COIJCTI72T01J2 L9M1J p0W

L9PTG2 917q 3 I cp W0IJçpfl MG cpc woqaj (rflJq2-L9cG

2wooçpTIJd) •2 cT6TA c G2 7 cpa boqa re-' i—a' uq I88—

92 bGL COUAGIJnOIJ9T M2qow T bgtCTcnJ9t' cpa 62çW9çG2 ot pa

boj-rcA L62boue btwaceta 9uq beLroq2 ta cjoa cprt

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A911162 O ] 9iJq uq 6drrgTTc?l ot pa G2cTW9cG2 JG

cJGoLGcTc9T bgr.mGçGt T2 IJGAGL LGGCG Sfl2flC9]TA iu coua' cpa
GAq6uCG 0t 1u46L62ç-LgçG 2W00PTUd WJ1C7 MG9JCGL TU 1a8'I—88 I40G pç
9Gt bGoq' MG uq ' jçpondp J622 jJU 0176 TU

gp2orrrcG A9]r16' LGW9TIJ gbbtoxrwc€j? Gdri9J guq obbo2Tc6 .LPT2 2naaG2c2 917

n2ç uocGqt W02ç G3gTwgçG2 O

M6L6 2W9JJ uq
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LrOç t66CGq Ot 4J3G
PTMGGKTA 29WbTG 92 9 MJJOJG OL Ot JJ6 2GCOLKj p9j O JG WOLJçJJJA 29WbJG
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obGtgcTuä EGdTW6 U MJJTCJJ pofi 1J01JP0tt0MG E626LA62 iiq fiG p3U2 L9G
2porTJq LGCGTAG MGIdpc 92 TqTc9c0t2 o bojrcA (266 GdrTgcTou Tfl

2 cOIJcTlJrlG2 b€ttotw LGT9cTAGJA M6JJ u fiG 2GCOIJCj 39J 0 fiG 29Wb16'

btG2rTUI9PTA GC9fl2G Ic 9TTOM2 OL 9 boitcA cwc 1162 PGM66U bnLG TUcGLG2c-

tgçG 2WoofiTIJd iJq b(ILG IsoupoLtoMGq—tG2GLAG2 cgLdGcIZJâ IucGtG2cpJaTA fiG

pottoz46q-t62GLA62 woq (oqGJ ) dGuGt9JJA bGttotwa bootiA nuqGt

tG2çtTCçTOIJ TLI C0L1t32 .L9PIG MJJGLG MG MGtG U0 9JG 0

qr2cTudnT2p t0W 40qG

jo bopi MG 9A6 uoç tGbotcGq fiG G2cTW962 ot fiG A9t1911cG2 O
fiG cLJICçntJ 2OC)C2 (çO ZG3GtAG2 qGw9uqt bojtcA suq pottoz.t111d2

qGwguq) 2TIJCG JJG3G 9tG iioç WG92flL6 p3 cowb9t9p)G rruT2' cp t

G2TW9l62 9t6 IJOç b9tcTCnT9LTA nt1U. O btG2GIJç fiG A9L1911C6 cIwc

9 WOLG IJçGtbt6ç9pjG M9A L9Pj6 2 2J10M2 fiG 29tG 0 6GE9J fflJq? L91G

TLflJOA9T0U2 gcçtpnçpG G9CJJ O fiG tGG ctnccntj 2P0C1C2 ILl G9CJJ

2np—bGtoq (2TWTJ9t GxGLcT2G2 conq G bGtotwGq tot TLIIJOA9CTOU2

guq U0UP0ttOMG tG2GLAG3)' oç 626 IWtUCG 29tG2 qGbGLrq 011 fiG

b9t9w64GL2 qGactpud 4JJ6 E6q12 obetud btoc6qntG 92 MGTT 92 JJ6 20C)C

A9LT9IJCG2 COU2T2UC cp cp UqIJd cJJG si.iq LçG T2 9

dooq boiTcA uqc9çoL ;ot 2rrpbGtoq2 — ra— guq Tae8—e

L9P16 2 2OM2 boiTcA 2OCJC2 ccornq ot are' uq
tGebGcflAGTA' O JJG A9tT9IJC6 O rnJq2—zgcG TUISOA94T0U2 TU J02G flJtGG

2crpb6toq24 I'J T84—88 pA couctgc poLtoMTLTâ2 2JJOCC2 ccoriucq 0t 42

uq bollc7t 2OC)C2 0t OIJJA 4' O 4JG A9t191JC6 O JJG rnJq2 tgçG JJOCJC2

o qwiq Ot tG26tAG2 dGIJt9TTA9CCOrnJC 0t 9 J6àTTdTPT6

t9ccrou o AtsucG ot cpG tsce uoc 20 wncp 6C9fl26

trruuat (J4) opçjJ g

Agtrauca o fJO2G 20C)2 12 2WTT prrç tgcpat pGcgsl2G o cpa EGq,2 boTTc? o
Ott2accrud cpa GttGC2 0 EG2GtAG qawauq 2JJ0C2 OLY pscat€ac taçGa

ii.' cpa pMG6)q7 qca (J.apJG Q)' MG adaTu trLq fJ 40qG] B 12

qoun-IJauc brtor co ra.a auq 1'.' cpa racauc bGtoq2t giJq W06 2 12 fiG

P62c woqaj or cpa bo2c-ia batoq cajcau aa a MpoJa jpa barawacar

G2cTwacG2 arrddaaç cpac cpa aq 0tt2G t626LA62 qamaug 2JJOC)12 dnrca

c0IJ2T2c6ucT? flitorldpoffc fiG aawbTG bGtoq (TG 12 CJO2G 0 T) 5XCGbc

1'.' -J pOLtOMTud2 20C}C2 MGtG T2o otaac ac cpa PTMGG}CTIt ttGdriGuC7

P(Ic 1622 CowbT6caT? MJJTCJJ 12 MJJ? fiG qaça 2OWGcTWG2 paa q cricA ru
cpOO2TIJd PGcMGGIJ fIG patuaIJ)cG-pjpiqat (=_J) aug 2ctoIJdTIJ (=o)
abGcrtTcgcroIJa ydgiu woqar C (uoupottoMGq-rG2GLAG2 cardacliJa) 12

cOu2r2cGIJcTA t6accacj axcabc qnr.ud cpa ia—s b6roq M€tG (a2 patOta)

ia cpa braartaq woqaj woqaj p (porroMaq-rG2GtAGa catdaclud) 12

TUtGLTOt ou flJG b-AaTna ctTcGtTOzJ O 4OqGJ B 1" TT 2np2gwbTG2t GXCGB4

Taa—8S.

jo cPT2 boluc MG 9AG ajjoaq or batawacat 1'.' aPTITcA P7. GcTwacTud

fIG woqaj MTcPTu xaq 2r1p—b6tOq3' yu aJç6LLJaçTAG Ma7 26G M}J 12

dop.'d 01.' 12 G2çWgG fiG woqaj rabcacaq7i tot LOIITLJa 2awbTa2 JPT2

2crgcGd7 12 TWbJGWGIJcGg TI.' 2 MPTCP 2OM2 cpa GAoTcTcTou o GacWYcGq

EG tGcçoLT cOGttTcTGuc2 aug opcauaq tow G2cTwgcTIJd woqaj v (Ti.'

wouçpjA qgçg) tot GAGt bo32pJG Lip.'a—ar 29wbJ6 ii.' cpa pdrita qca2
arAGu ou cpa poroucr SX12 tGbrG2GLYç cpa cuq-bouc o pa 2wbJG' uq

qpaq 1TU62 IJqccG cMo-2c9uq9tq-qaAcou artot puq EJdntG 2 2JJOt.t2

pc fiG oqj p (wq2-tça ctdacuä) La2ctTCcTOU2 J sIJq tTI

JG qç GxcLGwGJX MGJJ GOLG uq pi cpa wo tacauc batroq I'-' cw

bGLoq torsuq I8 cpG E6q12 ppioi zt pç G2CtG p?i uoIJpoLtomGq—

tG2GLAG2 ItàGçTUd (4oqG] c) cc T2t t62r1Jç2 p dTqCG
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cowtotcap]-7 MTcp 0flL btGATOcla L1qTuda azq MTCIJ CIJG COUAGLJCTOIJaT M2q0UP

D(1LTI!d wq-92 JJG E6q12 PGJJGATOL 2661112 P62C qGacLTpGq p7 j'

MpTCJJ 12 COLJ2T2CGIJC MTCW GTC}J6 JJG 2CLOIJdTIJ WOqG] oi: 4JJ6 poLLoMGq-

tGaGtAGa-cataGcTIJa woq

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cowbaLGq GLG (oqGa auq JJG LG2J1TC2 anddGaç IT2TIJd

r1Uq2-tgCG WG92fl6 WOIJGçgtA bOTTCA J6 bGtoqe

bET0t co iaa aiJq gçt T88 (T6' gc TT CTWG2 GXCGbç qr7tIJd CWG GIJfTt6

0 CJSGTLIJJaLY A0JCJCG) auq 2CtOIJdTU WGG211LG OCJJGLMT26 cOuq0ua 011

CP5 a2aiiwbçroi cpac p0MGAGI' 1JO6L b022TPTTTC? Ta 0 (126 JJ6 boiTcA

WG2fltG2 WbJT6q p7t W0GJ '' MPTCP 1J622 66C Ot CWG 2TWbJGL WOqG)2 aa

abGcTaT Ca2G2 II! C?G LG2 0 CPT2 2GCCTOIJ MG c0uaq6L W621T62 G2G 01.1

JJG ]t12c-q6I!çGq woqGT y

ILl aGuGtar CJJGLG GtG CMO MA2 O 1126 CW626 WoqG—p26q boTtcA

w6g211r62 Tt2ç' MG cu COI!2CU1C aLl oAGta]J W62flLG o bojrc? 2çaIJC6

IJc]-rTqTIrä QIiqodGIJona ot WIJCcbç6q CoWboUGI!ç 0 bOflC7Y 2GC0U MG

C11IJ T001 gç ,cps TlrnoAgçroIJa J0 JJG TwbJGq bocA WG2f1tG (çJJG 4boJTcA

apocjca11) g2 M6JJ JJ6 qAIJSIUC L62b00262 O OCJ.TGt AGtTpGa TI! CG AY

2A2C6W Co bojTc? 2}J0c1C2 JG CPLGG bsuGTa 0 Q 2p0M 162b6CCTA6T?'

COCØT W62f7tG 0 bOjTC7 açgucG ga qGLTAGq toW y 2p0C)2 ot

o C6 boiTcA W69217Z6t iq JJ6 91JCcbC6q ot G1J0GIJ0fl2

o CJJG wouGçgt7 bojrcA WGV2(1t6 flUTC GAG pGiJ c}J02611 ao

cJL7d6a TI! flJG AgLrorTa WG2fltG2 cvii p IJC6tht6C6q uoaoriajA

TI! CJ6 GqGJ rrnqa tgçe (6a g tT2G 0 •() TI! CJ36 cocg MPTCP

Ta G WOIJGçgtX 6g2TIJa Ta CoWb9pG 0 g cMo—bGtcGuCgäG boruç qGcjps TI!

JJG riuqa L6) JJ6 btcçritsa TI! .Tdr6 L6 G26 01.1 624rw62
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ot cowbt2ou O Out 6tTAG COCgJ W69217t6 O bOTTC? 2CIJCG

Cowb9LT2ou O OfIt O] WG2fIt6 CO fIG dr1çç1AG TL1qC9çOt2

btoAq62 g (126t(TT CGCJC 013 fIG O POfI O WGg2ntQ2 2
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botcA 2CIJC6 CO C6 B02CPGU-WTJT? TIJqGX-—pOfJ TI.' CJJG Mp0JG 2wbJG uq tu

2r1p-29WbT62--T2 b 2cLncTua1 coxJ2qGtTIsd CG t4O W62f7LG2

GtA6 tow TI.'owcToJ p?t qtGt6uc wçpoq
cowbgreoij o oi bojic7 W62flLG 40 fIG OWGt q62 gJ2o 2JJOM àGIJGLg1

gdt6Gw6uç poriç MJJTCJJ bGLoq2 tGbiG3GuC 6b9oqG2 O woijsçgtA C1dpC6U1Ud

MO6 flonäp ont bojrc? IUG2i1LG bGgJC3 CO1J2qGtpflt p6tOG Cp

occnttGuc ot owGt qgçG2 n.' btçrcr1]-E owet qçG2 26GW Co coLG2bouq

b6toq2 O UJ9XTWI7W CTdJJCLYG23 ot boicA (çtOndp2 1" fIG TJqCcO) gcp6t

o boilcA cpI.JdGq tOW G2TIJd Co

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GboLc2 A9tTOI72 2rIP2SWbTG cOttGJCrOu2 O Oflt W62(1LG

o boTTc7 2LJC6 41cw fIG BO2CJJGLI-HTJJ? uq uq CJJG LM bolIcA W692(1t62

2OM1J 1" EYanEG3 T-3 (QfIL boJTc7 W62fTtG guq fiG 2Ct0ud1u WG2$TtS LG LG-
G2çrwg4eq t4TçppJ GCJJ 2I7p2uIb]G) C0U212C611c MTCP OtIt 69tTTGT TL7qUà2

fIG rnJqa-cG-p26q WG92!TtG (JGLG pe riuq-gc jtG2nt7-pouq

2bLGq) 12 papjA CO tG]CG MTCP fIG WGV2fltG 01.' 4OGJ y br.ot

Ta iJq C6L T99 IIJ fIG I9—89 bstoq OM6AGt fIG COtGT9CTOU O

CP6 WG211LG2 72 uGägçrAG 2CtoIJaTU,2 W62fItG otçpodou cowbouGIJC

O IJOIJOLLOMG t62GtAG2 JS2 fiG 2GcoLTq—pdpG2c COtLGJçOU OA6LSJJ MçJJ

wGg2cflG guq 72 CG woç cjocj7 cottgcq o; rori

W6g2,L63 1'.' T84—88 (sTcporràp cottjçou ouj?i o33) MoupoEIoM6q
LG2GLAG2 dtOMcp 92 9 dGIJGL9TTA TOM C0LLGT9T01J MTflJ fiG W692f1t6
6xCGbç 2OWGMJJ9ç 2nthLT2TuaTit T 1a88-av
MJJ4 0G2 O11L W692F1LG 29it gpnç fIG WT2cOITC9T b6Lor.wguc6 o;
WOLlGcgLit bOTTcit3 cowb9LT2ou 0 fiG IOb M0 b9hJGT2 0 E.TdIlLG Q 2naaG2c g

GM borhJç2: Tt2ct wOuGcgtit bojrcit M92 rlurl2rl9TTit cTapc (L6TgrAG

fiG uotwr LGgCCrou r1ucçTou) TX) uq iea drlrçG J0026 qITthJd fIG
TaO2' 911q AGLit cTdIJc 1 T8O-9T LP626 C011C1112T0112 9t6 COIJ2T2CGLJC Mrçp

ciiqtq p2oLTC9J gCc0flLr2 2TUCG ponc T83 wouGcgLit bojrcit 9bbG9L2

JJSAG 6GIJ p04p WOLG 2SPTG siiq btGqCC9pG 011 gAGtgdG 1CpoiidJ 201116 112ç0b—

dos, bgccGrJ T2 2cTTT gbbgLGIJC TU fIG WG9211G 0 bocit 2p0Cj2 H02

tGCGIJCTit 9Tcpor!dp 4p6 cor W69211LG 2r1dd62c2 boircit M92 Gxbghj2roIjgtit'

IJGd9cTAG boircit 20CJC2 711 Ta5—a3 2IIddG2C bOJTCA M92 JG22 GXb9IJ2TOIJGtit

fJ9IJ wTdJsc 9AG GGhJ Gxb6ccGq aTAGU fIG 2l4G 0 fiG GCOIJOWA JJJ112

CtTcTC2 M0 91a116 fIG EG qTq iioç 6926 9ddLG22TAGTA GIJOfläp qr7Lud fiG
1GC0A6Lit b6Loq LGcGTAG 2OWG 2ribbotç ;tow orit wG92r7L62

2GC0IJ M7t 0 1126 fIG bOITCit W69211L6 dGLIGL9cGq pit ori 6CphiTdfl6 T2

0 6XWTIJG fiG pGpATOt 0 fIG GCOIJOWit tojioMihia bOJTCit 112p0c)c251 wrTcp

btGAron2 AV1—p2Gq Z4OflC p qT2bAGq cp qituwc LG2bou2G2 ot g joua TT2c

o pjG wou6cgtlt boiTcit L7L1oAgçOLyt g2 WG2I7tGq pit ALOI12

TuqTcgcot TfltG 8 tGbJTccG2 GXGtCT2G pit 2JJOMTIJd fIG 9-WOIJfJ

rwbrlJ2G LG2bOLJ2G2 O fiG 21X AtTp61 TU fiG wOucPT7t jy g bo2rçTAG

2JJOC)C 0 fIG bojrc? WGg2IIt6 Ou 4OGJ Y EOt G2G 0 IJç6tbL6g4TOLJ%

fiG 2OC)C JJ2 PGGU hO11J]G 20 fl btoqflCG2 g —p2T2 botuc qGCJTLTG

VIJ T0AflOIJ fiG bOTTC7% WG9211L6 Oh )jO6J Y T2 2TWbTA g TIJGt

cowprug4rou
riiiq IgcG
0 •IJIJ0AOU2
266 GdflgcTOIJ (J4)
O 4oçgJ LG26tAG2 U0UOLtOMG tG2GtAG2' gijq 115G
JJJG TWbflT2G tG2bOU2G2 2JJOMU 7L1 ETd11TG 9
tO' fiG MJJOTG 2WbTG bGLoq MPTCP T2 20WGMJJ9 TrT6aTcTw4G 2TUCG MG CL7IJO
LG6C 4JG GXT2cGIJCG 0 24t11Cc11t.T pLG9J2 2r1p2wbJG TWbTIJ2G t62bou262
AT6q 2TIL1Jt bTcCrtG2
111 cJJG 117q2 tgç 011 uJbgcc c0uqG17CG TIJ4GtAGT2

pA W01JG tjo wçjJoq2 gtG pscjriqq TIJ flJ6 TäJ7tG2

JJJG tG2(1]2 LG TtäGA T' TTIJG MTCP GxbGcCgCToua 'j bo2flTAG

W0IJ6çIA 2}JOC}C T0M6L2 JJG y7uq2 tç6' g7262 cocj guq IJ0U0LL0MG
tG2GLAG2' IJq taa onçbnc iq bLTcGa yjj EG2bO172G2 9LG

eTdIJrTcIJç M0G q.gç GtG T2 110 11btTcG bnj61: oçi CDb qjcot
guq coiuiuoqrçA bLTCG2 ET2G dnTçG tGpA toJToMTIJa g bO2TcTAG boiTcA apoc

JJGL6 Ta pTç o gu •1oriçbriç bnJ611' ga oriçbnç qTba 2TTaJJcTA PGtOtG

pGdTrnJruà :o T2G LG OcTbrr bnJG tr°c TUAGUcOIA qGcmuncou gç

6aisLfl-IJa O cp 6xbguaou bpGuowGuou ra xjoç 9bbEGu iij iwbnja
tGabouaGa qtw T dntç6tJA qç yu ruccLGacTIJd tGacITc' MJCJJ J3G2 GGL7

uoçcq btGATotleJA T 2IJJJL GXGtcTa6' 2 flJG GGCI 0 IDOTTCA

270C)C 017 oriçbtiç guq bLTCG2 ]4 WrTCJ J01386t cpr GttGC2 OIl 6IAG—
WL5 AJG MG MTTT xoc 2bGcn]-c6 6tG Oil t4JJ6JJGt cJ312 uqud Ta

qri o ot btobgdgçToxs wGcpu2w2

ct9uatotw 2pOL—TAGq boiTcA 2pOCC2 TIJçO ouà6t—AGq scouowTc

GttGC42

1.Oz4 qo gLgpr6a, qA17UJC tGabOuaea o gj TUUOA9cTOU ont

bojicA wgant cOLLGabouq cpeit tGbou6 jç W6flt6 ot

boilcA 2OC)C2 ]-dntG a 2OM2 Ot MJ30J6 a9WbTG guq A9tTOfl2

arlpa9wbJGa' qAiuqc TLG2bOIJ3G2 96tUTAG WG2(7LG2 ot boTTcA 2JJOC)2 LS

WT]t TLI 2pbG pnc OWGCTW6 qTtGt TL WbTct1qG nUcTccTA6 WG2ITtG2
O J626 qGt6IJCG2 gtG aAGIJ pA LØPT6 9' MflC 2OM2 46tdG paosiç
q6AT94OU (OAGt g pOTLTOU) o t6bO1J2G2 dGLIGt9cGq

Agtro(12 woqGJ2' tGT9TAG o JJ6 TwbrTJ2G tG2bO172G2 dGuGtGq pA WOqG] v

3QB6LuLJ)(G uq Gtç]Gz (toLcpcowTLld) tdnG JJ JJG 11pucG—apG611 CP9IJIJGT

ot wou boTTcA cgxJ bGtaraCGuç 6GC2 O cL172cot7i bOTTC?
2pOC)c2
D6AgcOu2 tG 1JOEWfl6 pA fIG criqq 6tOt2 O fIG IWbrIT2G LG2bOIJ2G2

LOW OqGJ gç gcp WOLTOIJ giq Ot GgCJJ A6tTpTGt fJT2 UOtli1]TTOIJ OfJ
bffç qGA76çOU2 ILl TLl4GthtGcGPT6 UTI 9IJ 62 fIG 66C O qoMuMGdJcud

q6ATçTOL72 gç J30E1S0132 MJ36t6 fIG TWbff126 t62b017262 gEG 62cpMçGq

rwbLGcT26J7 JJJG LG2fTJ2 2nddG2c cpc 4oqG] B (rwqa-LsçG-çLdGç1Jd)

AT6q2 TWbrTT2G LG2bOLJ26 rnJCcTOU2 WO2 21T]L flJO2G O oq6) ' IJ fIG

MIJOTG 2gWbJG ILl IQ2-. gug T' T94-a4 JJ1G 24t013d113 WOGJ ATGJq2 fIG

wo2c TW7]L TWBnT26 t62bOLT2G2 OE 2s1p26wbT6 62G t62f1Jç2 GtG

uoç 2rltbrT2TlIdt dIAGU ont uqpJd2 qT2cn2aGq 6poAG I4O6 Tt MG ctgc

WOqGJ g2 fIG 1çtnflJ44 T 9bbGI2 jgç (12111d fIG 62 gçGwgçTAG 27WbJ6

woq T uA bGLToq 7qq? 6tOt2 q.i gt uo uGaJraTprG Fl IJGTPGL 9t6
cp qGATçTOLJ2 2o aG S2 cJ6 dn97cçAG tarrrc ruço dri6çou
HGIJCG 4pGLG 72 2OWG Jn2crtrcgcrou OL fl21Jd 626 cowbrrccoujA 27wbJ6L
WG92IILG2 713 bbJC4TO1J3

ILl Ay—p62Gq GXGtCT2G2 TwbnJ2G t62bOIJ6 I1IJCOIJ2 6 O6U

r1bb6w6IJc6q pA qGcowbo2coue o otGcgç A6LTgIJCG MG qo uoc puq

AgtrgucG qGcowbO2rçrOu gugJA2T2 o p bLcTCS1TtTA ruotmg4rA6 u

btG2Guç couçxç toI gç JGç cMo eg3ou2: ETt2c c6JcrTcp.1a 4JJ6 2$39L6 O

ocç A6LTgLIcG o IJOL7-bOTTC?t A6LTpJ62 qri boTTc7i 2OC)C2 6TT2 ff2

i.iocpud ponç M66L boTTc7 a 2CpJIpid ot iJoç 2JC6 JJG Gtt6C o

2A3cGwgflc botcTou o; b0JTCA gLG GxcplqGq GCOLJ cJJLJdG2 TIJ ASLTLJCG

qGCOwboOU t62t1J2 OA6t 2npb6tloq2 w7 2TWbTA L6tT6C CpIJd62 TU cpG

Auc62 O etTCcnLJ 2OC)C2 juacgpTnc7t., 0 A9LIJC6 q6cowbo2cou

LG2$7T2 0A6L flW6 qoG2 IJO U6CG229LTT7t TulbJ?t i7tcppJd ponc cp6 boçGucA ot

2çgpT]Tç7 O 4JG wouGcgt? bOTTCA 9U2WT2?T0U W6CJJUT3W 2crlq7tpJd

WGCJJ9UT2W TWlT2G tG2bOLJ2G tjTUCTOU2 bb6t na p wncp wotG ff2Gtnr

Al' TPG woqcT MT;p qTCOi71J TUUOAVTOIR

iIJ cpa btot 2GCCTOIJ MS 2WbTGq Ont woqa]' 0 Cpa WSLJCSC ot puc
L625EA62 p? raLlotILla TULl0A9c10U2 0 cpa qconic ca ffStS MS PLTatT?

GX9WTIJS cpa aGCç2 o TIJCr7qIJd q2COflhJç tgca TLJUOA9CTOIJ2 ILl C6 woqaJ

jo axçauq cpa woqaj ijcothotga CPa ql2corluc tgca' Ma coxupTIJa

adn9CTou2 (10) uq (r1) CPa 0J tS2GtAG2 qswuq iq potLoMuà 6dITCOIJ2

MTCJJ Li 6XçGIJqaq AGt2TOV 0 cpa aqa tacçou rwcçrou uq gu SdngçroLl

qG2cLTpTlJd q72C01113C tG papAot:

(3)

() =

EdflCIoU (3)' CP6 E6q2 SCcrOLJ I7IJCCOIJ' 12 JG ?W6 S2 6dfCTOL1 (])

axcabç IC T rrô.uJSuCGq p?i g CJSC cpa 2nbbTA ot

XJOIJpOtLOMGq t626AG2 pa gqJfl2CGq ILl tG2bO1J2G qcoruJc LG pocc

EdnSCT0U (j) g IJSM adngçrou' cu jao pa o g tagcçroxj
tnucciou TC S2CtP62 JJOM aq (12C2 Cpa 2COffl3C tgça TU t52b0X326

LG2GtA6—WflCGç TIJL7OAgçOU2% uq gJJoMa g q2Cor1uç—tçS—2b6c;c

TUu0A9cT0U EdrJCTO () 12 (20 L) rwtaçtcaq
jpa 2oTrrcrou ot cpG qT0117c tgça woqe cu pa MLTCCGLI g2:

MUStS
 3Q

11=
1'

—()(j — + j (i-) ()(+ p —\.%)

(i—c)1v=
()(J—+%) —ia. '%—

OGJ2 2' C' 2' uq C911 9JJ p6 IJ62G TU 9OAG W0t6 aGIJ6tJ
woq6j (2GG .gpjG a tot •WbJGq tG2ctTCcTOIJ3) jo COU2GLA abgcG'

JJOMGAGL' MG tGbot t62flT2 ou]-A ot g A6t2101J ot woqGj

O woqGJ tGdfITtG2 MO tG2ctrccrOu2 2

PGtOLG' MG IWboeG tG2ctTc1TOu o L OTLT g 2GCOIJ

tG2ctTccTOu' MG COJJ2qGL flJG qT2COrwc—tgcG t6VC410U t CITOXJ' GdngcrOu

(4) iuor.mr qG2ctbcozJ2 2clddGac pG qTcoIc LgçG 12 u12G

bETW9tTTA Iii MO M97t2 1bg22rA6JA' o 4J1G wtcç J6A61 O
TucGtG2c tCG2' uq CCA6JA11' g2 g 2TaL1J Ot TU2tflWGU O boc
(potIJçoL1' Iaa) MG TucGtbtGc cp12 cpt9ccGz]-cTou 2glisIJd

q2corrnc tg6 12 TflCGTA o pG t62boLY2TA6 tG2GtAG qGUJ9ZJq 2OC2 (MPTCJJ

TUtT$TGUCG wtjcc tgçG2) guq bollclt apoc)c2 jpn uq % 2ponjq

G IJOIJ—GtO HOMGA6L' 6CfT2G O JJ6 2Ct6G uq papj? bnpJcGq uçrit
Ot q2cOnhJ tçe cp9ud62' T 2W2 t692OL19] JJV flJ6 MOn]q qJn2c

poLtoMTLld 2JOCjC2 p? cpua1xJa JG 2nbb]7 0 JOUPOtLOM6 tG2GtAG2 tcpt

pA cp9xJarud CPG qT3COfflJç 19C6 HGIJCG MG 9CpTGAG pA

1Wb0211Jd CPG LG2cLrcçrou

E2C1W9CG2 o woq ot woucp]A qç tG tabotçGq 1" J9pJ6

JJJG tG2flTC2 2GGW W02 2tTbbOLçTAG o nuqa—L9ca xqcçot 0t wOIJGç9LA

boTTcA MPGL q2c0cwc-t9c6 r0A9cT0U2 9L6 ccornçaq OV 0qG B 12 uoç

LGJGCcGq 0L IJA 0 JJ6 tIAG 2JJ0L 2STp-bGtoq2 (91Cpondp IC 12 taacCaq oL

CPG 211p—baLroq gijq ot cpa wbja 92 9 z4pora) IIJ b9tcTcnJ9'

I8-88 2np2wbJ& 0t MJJCJJ 4oqGJ bt 2cLOudrA LGGCçGq 1" CPG GL1TGt

G2fTTC2 LTOM 266W2 40q6J B12 tG2cITCcT0u2 (J —J) dntça

CJO2GTA OAGL9TT' CWG G2CTwCG2 0t giiq UOM anaaa2c g àooq o
r1Jc6t62c-IGCG 2WOOCJJTIJ8 cptonäponc cpa 2wba baLoq
jpa 62çwIG2 o qT2coryuc—tgca woqaj ta uoç GUCTtGTA

2çr2ccot?Y JjJG bgtgWGGTL 12 d6UQE9TTA IJ6dçTA6 iq LdG TLX 9P20T1CG

AgT116 2(TaaG2fl-Lla CPC q2conuc LgcG W0AGWGU2 ta qLAGIJ btTw1JA pA

bojrc7 2pOC}c2t AgJrlG 0 1JJ6 bgIgwGçGL 12 pOMGAGL' iq •ç 12

IJOC G24WG pa UGaGCIAG TIJ T1 asTp-b6t0q2 Lpa bgtgwsçat T2

L6CrAGA 2W9JJ6t uq o ixxq 21du 2nddG2crud IJO 2712CGWgCTC GttGCC ot

t626tA6 qwiq 2J0C)C2 OU cpa qCOATLJç y 6M 0JJ6t •t4L0Ud 21a1321, gtG

2CGLG cptondioric J3pJ6 JjJG L63111C2 9L6 2fl;1CTGUcJ? 1IJcGtG2CTIJd

CJJondp O WOCACG flLflJGL gugfla2 O qcornjc-tçG woqGfl

A11 CO3CTJT*TOU

MG AG S12G g ,,2GWT—2cLrICcfTtST AY1 bbtocp GAgJrlg4G uq qGAGJob

WG2I1LG2 O wOI6çgt?i bOJTc7t pgq ou tG2GtAG Wt)CGç ucflCcOL2 ot

bLcççoLJGt2 oo)qud g 2Twb16 Tuqcgçor o boirc?i 2çgIJcG Oflt tG2R2
2rldàG2ç flJG qtj- riuq tç' MJJTCW G2 o boTTc?

btTot PGCOWG 20 d9TIJ qr1tua pG 4GUS1tG 0 cpr.1uu CL651J2bg1J

HOMGAGt fIG (112 LgçG M9 ijoç LJGCG229LTTA g dooq TiJqTCgcOt o borcA

qrTtud fIG G9tJA tot ot cpG bo2c-T bGtoq g

MJOTG 24tOIJ8TIJ12 W69211t6 ot ojc? wX p woç topn y WOtG dGIJeLgT

cJJofldp aJdJJçJ WOtG cowbrc9ç6q bbtocp 92G boTTc? W692flt6 ou

911 G2cTW9çGq WOG O fI€ W9t}G Ot p911)c t66tA62 9ioiJa 1JJ6 TTUG2 O Oflt

woqGr v i.i' cct bbtocp fIG qAsucdG O PGTLJä

rijcothotgcG 6t6C2 O 2ITPT6 cpud& TU 2tA6—W9tC6C 2f1Cç11t6 uq
Gq12 obGtsClud btoc6qr7t6

OAGtJ) Ay-pg2Gq wGçpoq G6W g W024 btowr2nla bbrocp tot

wGg2nLTuä wouçtX boTTc7Y u tuicn MOLJC G26 wcoqa ponjq 6 bb6q

o qGcGq ugT?i26 o 4JJ5 t62b0U26 O 4J36 GCOUOWA O bOflC? JJOC)C2 rq

JG qGAGJobwGIJ ot dnuccgcA

yj btoc6qrlt6 GçWcG2 4Oq6] COIJ2çUICç2 J6 LG11JçTIJd bojrcA

L1qcçoL2t uq C Ct1]62 TWbr!J6 LG2bOIJ6 tflIJCTOIJ2 (MTcP 2lIJqstq
Gttot2) oL prçtgtA o iJouboTtc7 T OPTIJPT6 tzow cw
nçpot
VbbGLIcITX 1 DGAGTObWGIJc O woUp]A CDb COWbOIJSLJC2 q949
WOLYcPTA CDb qc MGt6 couactxiccaq ot 91J OLldOTUà tG2G9tC bto]acç pA
GELJIJ1C6 MTP HØtIC eatcTGt Mrp 92212C9UC6 tW &acat wou
MG coi,actnCcGq WOLTcPTA CDB C0Wb01761Jç2 iiq CDb qajcot qc t° cpa batroq
I3LJII9tA Ta24-W9tP tT2pJd cpa wcpoq Ot CPOM LJq pru (Tr)
TTTn2cL3cG cpa wacpoq pzTatTA' TGc pa cpa (rlLlopasLAaq) woucpjA A9TF762 ot
o
OIJG O CDB cowboiaucat XJq 2tlbbO2G cpc cPGtG axraca 9 2G1 O A9L19PTG2
'k gAgr9pa woi,cpjA 911q COIJ9IJ TIstOtwgcTOu 3p0J14 ) EO
GXSUJbTG It cpa CDb COWBOIJGIJç ru dnGacTou 12 ZG2TGUC9 TUAG2cWGIJC' s
bOcGUcT9TTA TIJtOtlil3cTA6 A9tT9PTG cpc 12 9A9119P1G WOLIcPTA 12 JGM pone1ud
2c9tc2 MG 922(flUG gç cpa WOUcJflA tt6dnG11C7

(VT) ='+
MJJGLG ='(tu) iu ont abbTTc9cTou MG 322I7WG cpc cpa WOIJcPTA attot atw
% 12 Y(I) Mp I1IJ)CUOMU 26LT9T COttGT9TOU COGttTCTGIJc \y jpa GttOt

i
coAgtTgIJCG wgçtTX

w94LrX
gta

dri9tcaLrA aAaLaaaa O ad
drrgtcata uq GUCG
acuqtq otw as cpoM-rnJ' adIJ (so))
woucpa O
COUAGLç2 WOLJçJTA OP2GtA9TOIi2 co dn9LcGLTA
(VT)t MG SAG
Tac pa cpa x 3C
gAGL9a62 jjqd

(Vs) C=ciX+C'
ot

(V3) )•= j+fl.

MGLG qoç 2rlpaCtrbc qsuocaa dfitcGtTA 9AGtgaG• D6tTUG cpa drigtcatjA
GtLOL COA9tT9IJCG wçtx
y(j) cpaii wbaq
it cpa woucpfl
6tt0t2 gtG Ot COflt2G btocaaa tot cpa dtcatA
9A6L986 6Lt0t2 MITT G aowacpTLiä WOtG CoWbflc9cGq
BGC9fl2G drigrcatrA A9TflG2 o cpa CD COWbOIIGUça 9tG OP2GLA9PTG ad (y3}
pa cOuaT2cGlJcTA G2cw9cGq pA or (Jo LGqITCG pGcGLo2CGq92cccA MG tTLaC
)., guq 'k pA s i-dn9tc6t woApjd 9AGL986 O 69J CDE) eorATua 9
IJOUTTIJG3t adncou (cpoM-rTLr ad (53))' MG OPc9TLI 9 COIJ2T2GIJ GacTWgCG ot
cpa woLlcpJA 2GtT9T C0ttGJ9cTOIJC0GttTCTGLIC k tow cjJa G2cTW9cGq ta-otqGt
COLGT9crOu COGttTCTGLJc O cpa dtitçetjA t62qf1972 nava CPT2 G2cTW9CGt
MG COL,21L11Cc TWbTTG COA9LT3UCS W9ILIX O JJG dri3tcGr7t t62Tt13T2
tGGaçTW9çG Gd (y) pA era
cJJGIJ LTU9TTA' GacTwgçGg WOIJcJJTA A9TJ1G2 ot
4p6 CD& COWbOIJGVC )' 9tG coWbtTçGq pA cpom—rnJ1a tomnjg

(V) =
Va CWOM uq rTIJ UOG' J2 OtJI7J3 32 btobctçA cpsç u cp dn9rLcGr.
3AGL3dG O W0IJcPTA Wbt7cGq A3TflG2 O pG CDb COWbOtJGU 6dn3J2
cçrij dJl9tçGtJA A3Jne (HoucpJA CDb cowboIJGIJc2 3LG L62C3JG pA WOATUà
9AGt3dG O CDB iq GXbtG22Gq 3 313U(13) 3CG)
IucGtborgcrou Ot JG
CJJG2G 3tG
pcc oujA Tae:P ot
COWbOIJGUC2
3AgrJgpJG wouij? WOUcPTA TUA6UcOT.?I—2cOC1C 9tG 3A3TT9PTG
btGATon2 cpts AGLP MG 2TwbT? muq
qc
O COu2nuIbcTOu 2bGUqud 1432 I1ISUGCG223TJ 32

dn3Lc6r7t TUAGUc0LA TUAG2cIUGUc 1432 qactpr1çGq GdrI9TTA woid IJJG WOIJC2 ot

 to

cp dntçGt lu g 6t4 C926' pe woupj?% psç6thocpsd A9t9pG2 M6L6 ioç

gArp6 ;ot MPOTG b€Lroq p3 2Tfl9TOU t. tu 2npbtoq
LGdtG22TOU2 coLLG2bouqud pic woucpjA CDL T2 C0IJ2t1CG
2TIUbTG WOIJcJJTA CDL cowbouGuC2

v TT2c 0 uGthoJc6q CDL cowbouGuca (gil 113 tG guq

Atp62 aTAGIJ pGJoM cg zr
922ocTGq
MTcp gc qc woLJcpTA

TLT(q6q coIJ2çIJ2
raevr uo46q y]] TIJc6LboJgcTIJd GdngçTOu2

IIJ6thoT9c6q tp oxpiA Tuc6tboJ9cot

(cIJ.19v2E LTUJ6) (CIJIBY2E L7W62)
T• CDL qçOL (CD) bCE q6;coI (ewDc)
bbr ;p'Tpq äooq2 (LML2Y)
bF,I' ;L72pGq ôooq2--
cgbycg1 GdfTTbWGIJc (LY)
bSI Uc6tIGqTc6 GtTgT
2rTbbTTe9t xq C0WbOLJ6IJç (bM1H2Y)
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