NBER Working Paper No. 26281
Issued in September 2019, Revised in September 2020
---- Acknowledgments ----
We are grateful to seminar participants at the the NBER Summer Institute, Yale, Essex, Royal Holloway, University of Venice, Oxford, IFS, Copenhagen and Cambridge University for helpful comments. Blundell and Gu acknowledge funding from the ESRC Centre for the Microeconomic Analysis of Public Policy (CPP) at IFS. Leth-Petersen is grateful for ﬁnancial support from the Economic Policy Research Network, the Independent Research Fund Denmark and CEBI. Center for Economic Behavior and Inequality (CEBI) is a center of excellence at the University of Copenhagen, founded in September 2017, ﬁnanced by a grant from the Danish National Research Foundation. Costas Meghir is grateful to the Cowles Foundation and ISPS at Yale for funding support. All errors are our own. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.