David Baqaee, Emmanuel Farhi

NBER Working Paper No. 27281
Issued in May 2020

---- Acknowledgments ----

We thank Veronica De Falco, Sihwan Yang, and Stephanie Kestelman for excellent research assistance. We thank Natalie Bau for her comments. 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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