NBER Working Paper No. 26050
Issued in July 2019, Revised in May 2020
---- Acknowledgments ----
We thank Max Tchirikov, Mattis Bös, Martin Wiegand and Nicolas Wuthenow for excellent research assistance as well as the German Research Foundation (DFG) for financial support (SPP 1859). Sebastian Horn gratefully acknowledges financial support from the Egon Sohmen Graduate Center at LMU Munich. We thank Brad Parks, Vincent Reinhart, Robert Subbaraman, Jeromin Zettelmeyer, and seminar participants at Harvard’s Kennedy School and Business School, Paris School of Economics, the Center for Global Development, the International Monetary Fund and the World Bank for helpful comments. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.