Product Market Regulation and Market Work: A Benchmark Analysis
---- Acknowledgements -----
We thank Berthold Herrendorf, Yongsung Chang, Ellen McGrattan and seminar participants at ASU, NYU, Wisconsin and the University of Tokyo for useful comments. Rogerson acknowledges financial support from the NSF. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.