Hendel, Igal (contributor); Shapiro, Joel Andrew (contributor) - 2004
Hendel is Professor in the Department of Economics of Northwestern University and is a research
associate with the NBER; Joel Shapiro is Assistant Professor at the Department d’Economia i Empresa,
Universitat Pompeu Fabra; and Paul Willen is Senior Economist at the Federal Reserve Bank … of Boston.
Their e‐mail addresses are igal@northwestern.edu, joel.shapiro@upf.edu, and paul.willen@bos.frb.org,
respectively.
This paper, which may be revised, is available on the web site of the Federal Reserve Bank … views expressed in this paper are solely those of the authors and do not reflect official positions of
the Federal Reserve Bank of Boston or the Federal Reserve System. The authors thank Patrick Bolton,
Kathy …