We would like to thank David Autor, Raj Chetty, Nathan Hendren, Ohto Kanninen, Antoine Levy, Attila Lindner, Mathilde Muñoz, Emmanuel Saez, and Danny Yagan as well as participants at numerous conferences and seminars for helpful comments. We are grateful to the Research Council of Finland (grant no. 346252 and 364188) for funding for this project. Sami Jysmä is grateful for funding from Palkansaajasäätiö. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.