Laura Alfaro, Ester Faia, Nora Lamersdorf, Farzad Saidi

NBER Working Paper No. 27134
Issued in May 2020

---- Acknowledgments ----

We thank Pietro Garibaldi, Francesco Lippi, and Vincenzo Pezone for comments. All errors are our own responsibility. 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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