NBER Working Paper No. 25277
---- Acknowledgments ----
We are grateful for comments by Jules van Binsbergen, Bernard Dumas, Vadim Elenev, Andrea Ferraro, Nicola Gennaioli, François Gourio, Skander Van den Heuvel, Martin Oehmke, Adi Sunderam, Urszula Szczerbowicz, Yao Zeng, and seminar participants at Bocconi, USC, Wharton, The Federal Reserve Board, and the CAPR, American Finance Association, FIRS, Adam Smith, German Bundesbank/ECB Systemic Risk, IDC Herzliya, RCFS/RAPS, and UNC-Duke conferences. All errors remain our own. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.