---- Acknowledgements -----
The views expressed here are our own and not necessarily those of any institutions with which we are affiliated, nor of the National Bureau of Economic Research. Kashyap thanks the Chicago Booth Initiative on Global Markets for research support. We thank Cecilia Gamba, Aaron Jones, and Ashish Shenoy for outstanding research assistance. We thank numerous seminar participants for helpful comments. We are grateful to the Kilts Marketing Center and SymphonyIRI Group for the data. As a condition of use, SymphonyIRI reviews all papers using their data to check that the data are not described in a misleading fashion. However, all analyses in this paper based on SymphonyIRI Group, Inc. data are the work of Chevalier and Kashyap, not SymphonyIRI Group, Inc.