Achyuta Adhvaryu

University of Michigan and NBER

Steven Bednar

Elon University

Teresa Molina

University of Hawaii at Manoa

Quynh Nguyen

World Bank

Anant Nyshadham

Boston College and NBER

Thanks to Martha Bailey, Prashant Bharadwaj, Mark Duggan, Jeanne Lafortune, Claudia Olivetti, Dimitra Politi, Paul Rhode, John Shea, Atheen Venkataramani, and David Weil for helpful conversations and seminar audiences at the NBER (CS; CH), Stanford SITE, Maryland, Michigan, Michigan State, Appalachian State, Indian School of Business, NEUDC, and SOLE for useful comments. A.A. gratefully acknowledges funding from the NIH/NICHD (5K01HD071949). T.M. gratefully acknowledges funding from the USC Provost's PhD Fellowship, the USC Dornsife INET graduate student fellowship, and the Oakley Endowed Fellowship. Thanks to David Carel for excellent research assistance. All errors are our own.

A supplemental appendix is available online at http://www.mitpressjournals.org/doi/suppl/10.1162/rest_a_00822.