Martin S. Eichenbaum, Sergio Rebelo, Mathias Trabandt

NBER Working Paper No. 27430
Issued in June 2020

---- Acknowledgments ----

We thank R. Anton Braun, Joao Guerreiro, Martín Harding, Laura Murphy, and Hannah Seidl for helpful 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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