Fiscal Policy, Wealth Effects, and Markups
---- Acknowledgements -----
We thank Andreja Lenarcic for excellent research assistance. We also thank seminar participants at University of Amsterdam, Graduate Institute in Geneva, London Business School, Norges Banks, and University of Pavia for helpful comments. All errors are our responsability only. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.