The authors would like to thank Wendy Shi and Ryan Hastings for their outstanding research assistance. Helpful comments have been provided by seminar participants at ASSA Meetings, NBER Summer Institute, Yale University, Cornell University, George Washington University, SUNY Binghamton, Duke University, Indiana University, NY Federal Reserve Bank, SF Federal Reserve Bank, Peking University, University of Calgary, University of Alberta, University of Wisconsin, and UC San Diego. All remaining errors and omissions are our own. Any views expressed are those of the authors and not those of the U.S. Census Bureau or the National Bureau of Economic Research. The Census Bureau has reviewed this data product to ensure appropriate access, use, and disclosure avoidance protection of the confidential source data used to produce this product. This research was performed at a Federal Statistical Research Data Center under FSRDC Project Number 2921. (CBDRB-FY25-P2921-R12482)