Laura Alfaro, Anusha Chari, Andrew N. Greenland, Peter K. Schott

NBER Working Paper No. 26950
Issued in April 2020, Revised in May 2020

---- Acknowledgments ----

This paper is preliminary and incomplete. We thank Nick Barberis, Lorenzo Caliendo, Patrick Conway, Teresa Fort, Mihai Ion, Ed Kaplan, John Lopresti, and seminar participants from Duke and UNC TEAM working group as well as the CEPR Covid-Economics virtual seminar series for comments and suggestions. We thank Alex Schott and Mengru Wang 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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