NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Unsticking the Flypaper Effect in an Uncertain World

Carlos A. Vegh, Guillermo Vuletin

NBER Working Paper No. 21436
Issued in July 2015

---- Acknowledgments ----

We are grateful to David Aschauer, Malcolm Getz, Samara Gunter, George Perkins, Daniel Riera-Crichton, two anonymous referees, an editor, and seminar participants at the World Bank, Inter-American Development Bank, Universidad Católica de Chile, American Economic Association, LACEA, Bates College, and Colby College for helpful comments and suggestions. We would also like to thank Roberto Delhy Nolivos, Lyoe Lee, Jingyan Guo, Bradley Turner, and Ling Zhu for excellent research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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