Economics

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© 2020 The Authors. Econometrica published by John Wiley & Sons Ltd on behalf of The Econometric Society.
Giuseppe Cavaliere is the corresponding author on this paper. This is an open access article under the terms of
the Creative Commons Attribution-NonCommercial-NoDerivs License, which permits use and distribution in
any medium, provided the original work is properly cited, the use is non-commercial and no modifications or
adaptations are made.
Except where otherwise noted, this item's licence is described as © 2020 The Authors. Econometrica published by John Wiley & Sons Ltd on behalf of The Econometric Society. Giuseppe Cavaliere is the corresponding author on this paper. This is an open access article under the terms of the Creative Commons Attribution-NonCommercial-NoDerivs License, which permits use and distribution in any medium, provided the original work is properly cited, the use is non-commercial and no modifications or adaptations are made.