1. Department of Economics and Economic History, Universitat Autònoma de Barcelona, Edifici B‐Campus de Bellaterra, 08193 Bellaterra (Barcelona), Catalonia‐Spain. E‐mail: michael.creel@uab.es
2. Barcelona Graduate School of Economics, Ramon Trias Fargas, 25‐27, 08005 Barcelona, Catalonia‐Spain.
3. Department of Economics, University College London, Gower Street, London WC1E 6BT, UK. E‐mail: d.kristensen@ucl.ac.uk
4. CEMMAP, Institute for Fiscal Studies, 7 Ridgmount Street, London WC1E 7AE, UK
5. CREATES, Department of Economics and Business, Aarhus University, Fuglesangs Alle 4, 8210 Aarhus V, Denmark.