Shocks and Crashes
---- Acknowledgements ----
Paper prepared for the NBER's Twenty-eighth Macroeconomics Annual. The authors are grateful to seminar participants at the Macroeconomics Annual conference (April 2013), UC Berkeley Haas, Columbia GSB, NYU, Stanford GSB, and to John Campbell, Mark Gertler, Yuriy Gorodnichenko, Jonathan Parker, Giorgio Primiceri, Eduard Schaal, Gianluca Violante, and MarkWatson for helpful discussion. We thank Daniel Greenwald, David Kohn, Peter Gross, and Michael Weber for excellent research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.