What Do We Learn From Cross-Regional Empirical Estimates in Macroeconomics?
NBER Working Paper No. 26881
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An earlier version of this paper previously circulated as an appendix to “Housing Wealth Effects: The Long View” by the same authors. We thank Joao Fonseca Rodrigues for excellent research assistance. We thank Adrien Auclert, Gabe Chodorow-Reich, Erik Hurst, and Valerie Ramey for helpful comments and discussions. Guren thanks the National Science Foundation (grant SES-1623801) and the Boston University Center for Finance, Law, and Policy. Nakamura thanks the National Science Foundation (grant SES-1056107). Nakamura and Steinsson thank the Alfred P. Sloan Foundation for financial support. The views expressed herein are those of the authors and not necessarily those of the Federal Reserve Bank of Minneapolis, the Federal Reserve System, or the National Bureau of Economic Research.