^{34}In estimating these parameter values, we approximate the uniform distribution with the following seven
points (each with the mass of 1∕7): {β − 3∇∕3.5, β − 2∇∕3.5, β −∇∕3.5, β, β + ∇∕3.5, β + 2∇∕3.5,
β + 3∇∕3.5}. Increasing the number of points further does not notably change the results below. When solving
the problem (14)–(15) for the FBS speciﬁcation we shut down the aggregate shocks (practically, this does not
aﬀect the estimates given their small size).