NBER

David W. Berger, Kyle F. Herkenhoff, Simon Mongey

NBER Working Paper No. 26901
Issued in March 2020

---- Acknowledgments ----

We thank David Dam, Meghana Gaur and Chengdai Huang for excellent research assistance. The views expressed in this study are those of the author and do not necessarily reflect the position of the Federal Reserve Bank of New York, the Federal Reserve System, or the National Bureau of Economic Research.

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