Abstract
We are thankful for the comments of seminar participants at the Federal Reserve Bank of Minneapolis,Universitat Autonoma de Barcelona, Northwestern University, the SIEPR conference on Credit Markets atStanford, the Society of Economic Dynamics meetings in San Jose, Costa Rica, the Computing Economicsand Finance Conference in Universitat Pompeu Fabra, Barcelona, the Information and AggregateFluctuations conference in Universita di Roma, La Sapienza, the Wharton School and the University of Iowa.This paper also benefited from discussions with Gadi Barlevy, Marco Bassetto, Cristina de Nardi, AndresErosa, Jeremy Greenwood, Rick Hanushek, Jim Heckman, Tim Kehoe, Narayana Kocherlakota, ChrisPhelan, Ed Prescott, Hugo Rodriguez and Chris Taber. Monge gratefully acknowledges the financial supportof Northwestern University and the National Science Foundation, grant 0112943. Send comments to a-monge1@northwestern.edu and lochner@hoover.stanford.edu. The views expressed herein are those of theauthors and not necessarily those of the National Bureau of Economic Research.© 2002 by Lance Lochner and Alexander Monge-Naranjo. All rights reserved. Short sections of text, notto exceed two paragraphs, may be quoted without explicit permission provided that full credit, including ©notice, is given to the source.
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