---- Acknowledgements -----
We would like to thank Frederic Dufourt, Stefano Eusepi, and Chloe Tergiman for their comments and suggestions. We are grateful to the NSF (Grant # SES-0517910) and the C.V. Starr Center for Applied Economics for their financial support. Part of this research was conducted while Bart Hobijn was a visiting scholar at the Graduate Center of the City University of New York. The views expressed in this paper solely reflect those of the authors and not necessarily those of the National Bureau of Economic Research, Federal Reserve Bank of New York, or those of the Federal Reserve System as a whole. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.