Acknowledgments

Marco Letta expertly assisted with data collection and regressions. Max Auffhammer, Peter Dolton, Jurgen Doornik, Tom Fomby, Bill Greene, David Hendry, Andrew Martinez, Pierluigi Montalbano, Felix Pretis and two anonymous referees had excellent comments on earlier versions of this work. I also thank seminar participants at the EMCC-III conference, University of Sussex, UNU-MERIT University, the 2019 IAERE conference, Cambridge University, London School of Economics, Sapienza University of Rome, Shanghai Lixin University, Edinburgh University, University of Southern Denmark, Federal Reserve Bank of San Francisco, and CESifo.