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The views expressed here are solely those of the authors and do not necessarily represent those of the Federal Reserve Bank of San Francisco, the Federal Reserve System, or the National Bureau of Economic Research. We thank John Campbell, Mikhail Chernov, Riccardo Colacito, Max Croce, Xiang Fang, Federico Gavazzoni, Valentin Haddad, Jonathan Heathcote, Oleg Itskhoki, Rohan Kekre, Robert Kollmann, Moritz Lenel, Pierre De Leo, Pierlauro Lopez, Hanno Lustig, Matteo Maggiori, Andreas Stathopoulos, Adrien Verdelhan, Rosen Valchev, and seminar participants at the University of Southern California, SUFE, PKU NSD, Macro Finance Society, WFA 2024, CFRC 2024, NBER SI 2024, NBER Asset Pricing 2024, AFA 2025, and 3rd International Finance/Macro/Trade Conference for helpful comments.
