NBER

Debraj Ray, S. Subramanian

NBER Working Paper No. 27282
Issued in May 2020

---- Acknowledgments ----

This report is based on a longer version by the same authors, available at https://debrajray.com/wp-content/uploads/2020/05/RaySubramanian.pdf. We thank Bishnupriya Gupta, Rajeswari Sengupta, Lore Vandewalle and especially James Poterba for helpful comments. Ray acknowledges funding under National Science Foundation grant SES-1851758. 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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