Rare Events and Long-Run Risks
---- Acknowledgements ----
We appreciate helpful comments from John Campbell, Hui Chen, Ian Dew-Becker, Winston Dou, Herman van Dijk, Rustam Ibragimov, David Laibson, Yulei Luo, Anna Mikusheva, Emi Nakamura, Neil Shephard, Jón Steinsson, Andrea Stella, James Stock, José Ursúa, and Hao Zhou. Thanks also go to seminar participants at Harvard, MIT, Tsinghua University, The University of Hong Kong, Peking University, City University of Hong Kong, Renmin University of China, and Central University of Finance & Economics. Jin is supported by Tsinghua University Initiative Scientific Research Program (Project No. 20151080450). The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.