Francesco Bianchi, Renato Faccini, Leonardo Melosi

NBER Working Paper No. 27112
Issued in May 2020

---- Acknowledgments ----

We thank Jonas Fisher and Federico Ravenna for their very helpful suggestions. The views in this paper are solely those of the authors and should not be interpreted as reflecting the views of the Federal Reserve Bank of Chicago, Danmarks Nationalbank, any person associated with the Federal Reserve System, the European System of Central Banks, or the National Bureau of Economic Research.

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