The stock market and aggregate employment
---- Acknowledgements -----
We thank Federico Belo for helpful comments. A portion of the paper was completed in August 2009 while Lu Zhang was visiting Shanghai Advanced Institute of Finance at Shanghai Jiao Tong University, whose hospitality is gratefully acknowledged. An Internet Appendix with supplementary results is available at the authors' Web sites. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.