Stock-Market Crashes and Depressions
---- Acknowledgements -----
This research is supported by a grant from the National Science Foundation. We appreciate comments from Xavier Gabaix, David Laibson, Emi Nakamura, Andrei Shleifer, and Jón Steinsson. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.