Martin S. Eichenbaum, Sergio Rebelo, Mathias Trabandt

NBER Working Paper No. 26882
Issued in March 2020, Revised in April 2020

---- Acknowledgments ----

We are grateful to Andy Atkeson, Gadi Barlevy, Francisco Ciocchini, Warren Cornwall, Ana Cusolito, João Guerreiro, Ravi Jaganathan, Aart Kraay, Michael King, Per Krusell, Chuck Manski, Paul Romer, Alp Simsek, and Steve Strongin for their comments. We thank Bence Bardoczy and Laura Murphy for excellent research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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