Rare Macroeconomic Disasters
---- Acknowledgements ----
This research is supported by grant SES-0949496 from the National Science Foundation. We appreciate helpful comments from David Backus, Xavier Gabaix, Tao Jin, Ian Martin, Emi Nakamura, and Jón Steinsson. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.