*通讯作者:Hyunju Lee(hlee73@uh.edu)。本文受益于Yongsung Chang,Aimee Chin,Nicolas Crouzet,Apoorv Gupta,Ellen McGrattan,Ellen McGrattan,Juliana Salo-Mao,Todd Schoellman,Yongseok Shin,Carolina Villegas-Sanchez,以及20223年的年度会员, 2023 SED, 2023 ASSA, 2022 ITAM-PIER conference, 2022 SED, 2022 Barcelona Summer Forum, 2022 Spring Midwest Macro, 2021 KAEA-KWEN, 2021 Minneapolis Fed conference, and seminar participants at the Korea Development Institute, Hoover In- stitution, Stanford Junior Faculty Lunch, UC Santa Cruz, KIEP, University of New South Wales, University of休斯顿,密苏里大学,亚特兰大联邦储备银行,皇后大学和麦克马斯特大学。我们感谢Sunyoung Lee对这个项目的早期贡献。