I thank John Campbell, Joao Cocco, Erik Hurst, Neale Mahoney, Nina Pavcnik, Tim Taylor, Heidi Williams, and the audience of the seminars at the Bank of Italy, Caltech, Cheung Kong Graduate School of Business, the Personal Finance Symposium at the University of Alabama at Birmingham, University of Leeds, and Yale for helpful comments. Rohan Angadi, Rob Brinkmann, and Vod Vilfort provided excellent research assistance for the Yale Herb Scarf Summer Research Opportunities in Economics program. The opinions expressed here are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.
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