Center for Economic Policy Research, London EC1, United Kingdom; and New York University, New York, New York 10012; and National Bureau of Economic Research, Cambridge, Massachusetts 02138
Center for Economic Policy Research, London EC1, United Kingdom; and New York University, New York, New York 10012; and National Bureau of Economic Research, Cambridge, Massachusetts 02138
The authors thank Caterina Mendicino, Rafael Repullo, and Tano Santos for helpful discussions and are grateful to participants in various seminars and conferences for useful comments. The authors thank Pietro Reggiani and Iris Yao for excellent research assistance.
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