NBER Working Paper No. 27441
Issued in June 2020, Revised in July 2020
---- Acknowledgments ----
We thank Andy Atkeson for his comments. Schaal acknowledges financial support from the Spanish Ministry of Economy and Competitiveness, through the Severo Ochoa Programme for Centres of Excellence in R&D (SEV-2015-0563) and the European Research Council Starting Grant 804095. We thank SafeGraph for making their data freely available. We thank Hyungmo Choi for providing excellent research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.