NBER Working Paper No. 20652
---- Acknowledgments ----
We appreciate comments from Andrew Abel, Ben Broadbent, Ricardo Caballero, Emmanuel Farhi, Xavier Gabaix, Oded Galor, Nicola Gennaioli, Matteo Maggiori, Ricardo Perez-Truglia, Andrei Shleifer, Jon Steinsson, Mike Woodford, Luigi Zingales, participants of seminars at Columbia and Brown, and participants at the conference on “Safe Assets” at Columbia in February 2015. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.