We thank Hanming Fang, Eric Hurst, Nick Souleles and numerous participants of the Macro Lunch Seminar at the Economics Department, University of Pennsylvania for useful comments. We also thank Jeffrey Crilley from the Bureau of Labor Statistics for his help with CEX data. Krueger and Postlewaite thank the National Science Foundation for support. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. At least one co-author has disclosed a financial relationship of potential relevance for this research. Further information is available online a
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