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D'Ambrosio and Menta gratefully acknowledge financial support from the Fonds National de la Recherche Luxembourg (Grants C18/SC/12677653 and 10949242). The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications.

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