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NBER Working Paper No. 25418 ---- Acknowledgments ---- We thank the IR Section at Princeton University for providing a secured facility to access the German data and the IES at Princeton University for financial support. We thank our discussant Hugo Hopenhayn and participants at various seminars and conferences for useful comments. We also thank Mingduo Zhao for 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. ---- Disclosure of Financial Relationships for Esteban Rossi-Hansberg ---- Rossi-Hansberg was a long-term consultant at the Richmond Fed while writing parts of this paper. This relationship did not affect the research or conclusions presented in the paper. |
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