09/26/2025 | Press release | Archived content
Charles Gottlieb ([email protected]) is with the University of Geneva and Aix-Marseille School of Economics. Jan Grobovsek ([email protected]) is with the University of Ljubljana and University of Edinburgh. Alexander Monge-Naranjo ([email protected]) is with the Federal Reserve Bank of Atlanta, Emory University, and CEPR.
The authors benefited from the comments and suggestions of Zsófia Bárány, Hannes Malmberg, Michael Peters, Tommaso Porzio, Todd Schoellman and numerous seminar participants at Freie Universität Berlin, Universität Bonn, Royal Holloway, Universitá di Bologna, NYU Abu Dhabi, CERGE-EI, University of Edinburgh, University of Groningen, Aix-Marseille School of Economics, University of Glasgow, University of Ljubljana, the SED Meeting in Cartagena, the European Winter Meeting of the Econometric Society in Manchester, the Swiss Macro Workshop, the Midwest Macro Conference in Richmond, the Econometric Society Africa Meeting in Abidjan, the STEG Annual Conference in Oxford, the Armenia Economic Association Meeting in Yerevan, and the Barcelona School of Economics Summer Forum. Monge- Naranjo gratefully acknowledges financial support from a Research Council Grant of the European University Institute. Jan Grobovsek acknowledges the financial support from the Slovenian Research and Innovation Agency (ARIS), research core funding No. P5-0128. The views expressed here are those of the authors and do not necessarily reflect the opinion of the Federal Reserve Bank of Atlanta or the Federal Reserve System. Federal Reserve Bank of Atlanta working papers, including revised versions, are available on the Atlanta Fed's website at www.atlantafed.org. Click "Publications" and then "Working Papers. To receive e-mail notifications about new papers, go to subscribe.