I am grateful for feedback from Mark Anderson, Hector Blanco, Wesley Blundell, Patrick Carlin, Alan Dye, Jennifer Hunt, Daniel Maggio, Felix Munoz-Garcia, Petra Moser, Anne Piehl, David Rosenkranz, Chris Stoddard, Carly Urban, conference participants at the NBER Development of the American Economy meetings, and seminar participants at Columbia University/Barnard College, Dickinson College, Fordham University, Montana State University, Rutgers University, NYU Stern, and Washington State University. All errors are my own. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.