Acknowledgements

We are grateful to Philippe Aghion for his suggestions on how to improve an early draft. We thank Stephan Fahr, Giammario Impullitti, Matthew Lindquist, and John Weinberg for comments, Hubert Janicki for research assistance and Eva Nagypal and Bruce Weinberg for providing their data.

those of the authors and do not necessarily reflect those of the Federal Reserve Bank of Richmond or the Federal Reserve System.

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