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a Head of the Research Unit and Economist at the Swiss National Bank respectively. The views expressed in this comment are the authors' personal and do not necessarily represent those of the Swiss National Bank. 1 This comment mainly relates to GG's paper as it was presented at the conference and to newly estimated empirical results which were kindly made available to us by the authors. It was updated in line with the latest revisions to the paper. 2 For ease of exposition, we have chosen to refer to (some of) the authors' results as (R1)-(R4).