NBER Working Paper No. 21575
Issued in September 2015, Revised in May 2016
---- Acknowledgments ----
We are grateful to Andy Abel, Gabriel Chodorow-Reich, Max Croce, Giuliano Curatola, Zvi Eckstein, Joao Gomes, Urban Jermann, Christian Opp, Sang Byung Seo, Ctirad Slavik, Mathieu Taschereau-Dumouchel, MichaelWachter, Nancy Ran Xu, Amir Yaron, and seminar participants at the Wharton School, at the Trans-Atlantic Doctoral Conference, at the Western Finance Association Meetings, at the SAFE Asset Pricing Workshop, and Federal Reserve Board for helpful comments. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.