Maryam Farboodi, Gregor Jarosch, Robert Shimer

NBER Working Paper No. 27059
Issued in April 2020, Revised in July 2020

---- Acknowledgments ----

We thank SafeGraph for making their data freely available to the research community. We are grateful for comments from Fernando Alvarez, Eric Budish, Luis Bettencourt, Charles I. Jones, Pete Klenow, Michael Kremer, Benjamin Moll, Simon Mongey, and Laura Pilossoph, as well as numerous seminar participants. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. Maryam Farboodi has received financial support from MIT for this research.

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